G#1. 07*4 7/ * ;25=4*<276 2; <7 .5=4*<.

:.*42<A *6- # "25=4*<276; -7 ;7 ?2<1

* -.0:.. 7/ *,,=:*,A ;=8.:27: <7 *6A
7<1.: *6- <1*< *->*6<*0. *447?; /7: 26
-.8<1 :.*42;<2, <:*26260 26 +=;26.;;
5*6*0.5.6< #1.A 8:7>2-. 1*6-;76
8:*,<2,*4 5*6*0.5.6< .@8.:2.6,. *6-
+:260 <1. ?7:4- 7/ 4.*:6260 ,47;.: <7 <1.
,758.<2<2>.6.;;
7/
<1.
5*:3.<H

*,3
#:7=<

G#1. <:*26260 87;;2+242<2.; 7//.:.- +A

# "25=4*<276; *:. <1. 57;< ,7584.<.
7/ *6A *>*24*+4. 76 <1. 26<.:6*<276*4
;<*0. #1. :.*42;5 *6- *,,=:*,A 7/ <1.
+.1*>27: 7/ <1. ;,.6*:27; *:. ;75. 7/
<1.
/26.;<
9=*42<2.;
<1*<
;.<
#
*8*:<H

!*B4
.:*4+*


 HIRKB@AM


-K:QBL
**1
HKI
EE
KB@AML
K>L>KO>=

PPPIK:QBLFFM<HF

**1
0BFNE:MBHGL
BL
:
K>@BLM>K>=
MK:=>F:KD
H?
-K:QBL
**1
HKI

1ABL
=H<NF>GM
BL
LN;C><M
MH
<A:G@>
PBMAHNM
GHMB<>

2,.6;.

1A> <HGM>GML H? MABL =H<NF>GM :K> LN;C><M MH MA> **1 0BFNE:MBHGL )B<>GL> U)B<>GL>V 1ABL =H<NF>GM <:G HGER
;> NL>= BG <HFIEB:G<> PBMA MA> )B<>GL> HG=BMBHGL 6HN F:R H;M:BG : <HIR H? MA> )B<>GL> HG=BMBHGL :M
PPPIK:QBLFFM<HF


)B<>GL>
K>JN>LM

)B<>GL>
HG=BMBHGL

.0*4
7<2,.

-K:QBL **1 HKIHK:MBHG BL GHM K>LIHGLB;E> ?HK MA> >GMKR H? =:M: BGMH MA> LBFNE:MHK >KKHKL HK HFBLLBHGL BG MA>
>GMKR H? =:M: MA> <HGL>JN>G<>L MA>L> >KKHKL HK HFBLLBHGL F:R A:O> HG RHNK K>LNEML ;K>:D=HPGL H? L>KO>KL HK
M>E>IAHG>
<HFI:GB>L
:G=
MA>
<HGL>JN>G<>L
MA>R
F:R
<:NL>

-K:QBL **1 <:GGHM @N:K:GM>> :<<>LL MH MA> P>;

LBG<> MABL BL LN;C><M MH =>?B<B>G<B>L :G= =>?><ML <:NL>= ;R
BG<HKK><M NL>
;:= &GM>KG>M <HGG><MBHG
:<<B=>GML HK >QM>KG:E <:NL>L
LN<A :L L>KO>K <K:LA>L
A:K=P:K> :G= HK
L>KO>K =>?B<B>G<B>L
=B??B<NEMR BG :<<>LLBG@ MA> L>KO>K
=:F:@>= <:;E>L HK :GM>GG:L
BGM>KKNIMBHGL BG MA>
<HGG><MBHG

IHP>K
HNM:@>L

>M<

6HN :K> K>LIHGLB;E> ?HK D>>IBG@ RHNK I:LLPHK=L :G= :<<>LL <H=>L L><K>M 6HN PBEE ;> K>LIHGLB;E> ?HK MA>
<HGL>JN>G<>L H? @BOBG@ RHNK I:LLPHK= MH : MABK= I:KMR PAH MA>G NL>L MABL BG?HKF:MBHG
PBMA HK PBMAHNM RHNK
I>KFBLLBHG

#NKMA>K
K>IKH=N<MBHG
IKHAB;BM>=
PBMAHNM
I>KFBLLBHG

# D
> 2
F
*6=*:A



 #

##"

&+1/,!2 1&,+


1%"
,*-+&"0


*/("10


-/,!2 10


-/,!2 1
/"0"/ %
+!
!"3"),-*"+1


00"*)6
-)+10


-/,!2 1&,+
4,/(#,/ "


/4
*1"/&)0
+!
"+"/$6


!&/" 1
-/,!2 1&,+
,010


,3"/%"!


!"*+!


0"$*"+11&,+
+!
-,0&1&,+&+$


-/,!2 1
)&#"
6 )"


!3"/1&0&+$


1/+0-,/11&,+
,010
+!
1/&##0


-/& "0


,/-,/1"
0, &)
/"0-,+0&&)&16
 0/


4//+16
+!
/"-&/0


0)"0
-/,*,1&,+0


/ &+$
1"*


6"/0

+!



,-"/1&+$
0%
+""!"!


#&++ &+$


)&+"0
,#
/"!&1


#&++ &)
&+3"01*"+10


*/("1
/"0"/ %


--"+!&5



#!$#



6HN A:O> ;>>G ABK>= MH LM:KM :G= KNG :G :NMHFH;BE> F:GN?:<MNKBG@ <HFI:GR 6HNK ;NLBG>LL PBEE ;> E:NG<A>= :L
LHHG :L MA> LBFNE:MBHG LM:KML
:M PAB<A MBF> RHN PBEE A:O> MH E:R HNM RHNK <HFI:GRXL LAHKM
F>=BNF :G= EHG@
M>KF IE:GL :G= PAB<A PBEE ;> <HFIKBL>= H? : L>M H? =><BLBHGL PAB<A RHN PBEE LI><B?R HO>K : LBFNE:M>= HG>R>:K
MBF> LI:G 6HNK =><BLBHGL :K> IKH<>LL>= ;R -K:QBL **1 0BFNE:MBHG
PAB<A HNMINML MA> K>LNEML H;M:BG>= ?HK
>:<A <HFI:GR MH MA> I:KMB<BI:GML ":<A <HFI:GR BL NG:P:K> H? MA> HMA>K <HFI:GB>LX =><BLBHGL :G= K>LNEML

L:O>
?HK
MA:M
BG?HKF:MBHG
PAB<A
F:R
;>
H;M:BG>=
?KHF
F:KD>M
K>IHKML
:G=
LNKO>RL

2LBG@ MAHL> K>LNEML

MA>  <HFI:GB>L M:DBG@ I:KM BG MA> LBFNE:MBHG
FNLM =>OBL> : G>P F:G:@>F>GM IE:G ?HK MA> G>QM R>:K
PAB<A PBEE
K>LNEM BG G>P =><BLBHGL ?HEEHPBG@ MA> L:F> IKH<>LL :L ;>?HK>
:G=
LH
HG

1A> LBFNE:MBHG =BK><MHK PBEE LI><B?R AHP F:GR MBF>L R>:KL MA> ;NLBG>LL IE:GL PBEE ;> K>I>:M>= M MA> >G=

>:<A <HFI:GRXL K>LNEML PBEE ;> <HFI:K>=

MA> @H:E ;>BG@ MH F:QBFBS> IKH?BML ;:L>= HG MA> :<<NFNE:M>= IKH?BM
1A> H;C><MBO> ?HK >:<A <HFI:GR PBEE ;> MH :IIER MA> DGHPE>=@> :G= <KBM>KB: G>>=>= MH F:D> LHNG= ;NLBG>LL
F:G:@>F>GM
=><BLBHGL

4>E<HF>
MH
MA>
PHKE=
H?
EH<HFHMBHG

##
"#!#

>?HK>
LM:KMBG@

RHN
FNLM
A:O>

:G=
;>
?:FBEB:K
PBMA

MAK>>
LHNK<>
=H<NF>GML

 1A>
0<>G:KBH
:G=
&GLMKN<MBHGL

IKHOB=>=
BG
MABL
=H<NF>GM

 HLML :G= HMA>K =:M: :??><MBG@ MA> L<>G:KBH &G MABL

=H<NF>GM RHN PBEE L>> MA> B<HG  :II>:K MAKHN@AHNM

PAB<A F>:GL UL>> &G?HKF:MBHGV M MA> MBF> H? PKBMBG@

MA>
<NKK>G<R MH ;> NL>= BG RHNK LBFNE:MBHG
:L P>EE :L MA>
L<>G:KBH I:K:F>M>KL MA> !BK><MHK PBEE >LM:;EBLA
:K> GHM
DGHPG MA>K>?HK>
PA>G>O>K RHN ?BG= MA>L> B<HG RHN LAHNE=
K>?>K MH RHNK
 F>GN BG MA> LBFNE:MHK ?HK MA>
NI=:M>=
=:M:

 1A> ,I>K:MBG@ &GLMKN<MBHGL PAB<A PBEE M>EE RHN AHP MH

G:OB@:M> MA> LBFNE:MHK :G= M:D> :=O:GM:@> H? MA>
K>LHNK<>L
H??>K>=
MA>K>BG

6HN PBEE ;> :LLB@G>= : NL>KG:F> :G= I:LLPHK= MH >GM>K MA> LBFNE:MBHG 1A>L> =H<NF>GML :K> :O:BE:;E> MH RHN
BG
MA>
LBFNE:MHK

PA>K>
RHN
PBEE
:ELH
BGINM
RHNK
=><BLBHGL
:G=
L>>
MA>BK
K>LNEML


! !#
!"

1A> MBF> O:KB:;E> A:L ;>>G A:G=E>= ;R :LLB@GBG@ :GGN:E K>IHKMBG@ I>KBH=L
<HBG<B=BG@ PBMA : <:E>G=:K R>:K 1ABL
BL LBFIER : <HGO>GMBHG :G= A:L GH ?NKMA>K BFIEB<:MBHGL *HLM <HFI:GB>L =H BG=>>= E:R HNM MA>BK ;NLBG>LL IE:GL
HG
R>:KER
BGM>KO:EL
<HBG<B=BG@
PBMA
?BL<:E
R>:KL

/>IHKMBG@ I>KBH=L H?  FHGMAL

HK HG> FHGMA HK :GR HMA>K MBF> I>KBH= <HNE= CNLM :L >:LBER A:O> ;>>G NL>= &M BL
H? GH <HGL>JN>G<> MH MA> LBFNE:MBHG 1A> F:BG IHBGM BL MH <:KKR HNM MA>  IA:L>L BG : <HFI:GRXL ;NLBG>LL <R<E>
G:ERLBL

-E:GGBG@

&FIE>F>GM:MBHG
:G=
HGMKHE

:G=
MA:M
BL
PA:M
MA>
LBFNE:MHK
=H>L

$BO>G MA> OBKMN:E HG>R>:K I>KBH=

MA>G
BM BL :LLNF>= MA:M MA> ;NLBG>LL IE:GL :K> IK>L>GM>= HG ':GN:KR 
:G=
MA:M RHNK <HFI:GRXL :@K>>F>GML PBMA BML >FIEHR>>L
<EB>GML
LNIIEB>KL :G= ?BG:G<B:E BGLMBMNMBHGL M:D> >??><M HG
MA:M =:M> 1A> ;HHDL :K> <EHL>= HNM MA> ?HEEHPBG@ !><>F;>K 
MA:M ;>BG@ MA> =:M> H? RHNK <HFI:GRXL ?BG:G<B:E
LM:M>F>GML

6HNK IE:G
MA>K>?HK>
:L LI><B?B>= BG MA> =><BLBHGL RHN F:D>
>GM>KL BML BFIE>F>GM:MBHG IA:L> HG ':GN:KR 
:G=
MA>
K>LNEML
>GM>K
MA>
<HGMKHE
IA:L>
HG
!><>F;>K


1A> :FHKMBS:MBHG HG EH:GL :G= <K>=BM EBG>L

:EHG@ PBMA K>MNKGL HG BGO>LMF>GML
PBEE ;> F:=> HG ':GN:KR 
BG
HMA>K PHK=L
MA> G>QM PHKDBG@ =:R :?M>K MA> ;:E:G<> LM:M>F>GM BL BLLN>= 1A> LBFNE:MHK PBEE L>M :LB=> MA>
:FHNGML
G><>LL:KR
MH
F>>M
MA>
?BG:G<B:E
H;EB@:MBHGL
?HK><:LM
?HK
':GN:KR


!#
!"!

&G HK=>K MH ?NG<MBHG BG MA> :NMHFHMBO> L><MHK

: DGHPE>=@> H? <>KM:BG
:LI><ML H? MA> ;NLBG>LL BL : FNLM 6HNK <HFI:GRXL HPG>KL A:O>
=>E>@:M>= MA>L> :LI><ML MH K>L>:K<A <HFI:GB>L 1ABL =H<NF>GM
1A>
0<>G:KBH

BL
MA>
K>LNEM
H?
MA:M
K>L>:K<A

&? BG MA> ?NMNK> RHNK <HFI:GR <HFFBLLBHGL F:KD>M K>L>:K<A MH DGHP

PA:M BL A:II>GBG@ BG MA> BG=NLMKR
RHN FNLM :LD ?HK BM :L I:KM H? RHNK
=><BLBHGL 1A> K>LNEMBG@ K>IHKML PBEE ;> F:=> :O:BE:;E> PBMA MA> R>:KER
LM:M>F>GM

#HK R>:KL  :G= 

MA> K>IHKML PBEE ;> @>G>K:M>= :NMHF:MB<:EER :G= RHN
PBEE
GHM
A:O>
MH
K>JN>LM
MA>F

$!!(

"
#
#
"!

L LM:M>= :;HO>
MA> LBFNE:MHK A:L :G
 F>GN PA>K> >O>KR :LI><M >QIK>LL>= BG <NKK>G<R M>KFL BL
IK>L>GM>= MH RHN BG  I:@>L 1A>L> BGLMKN<MBHGL PBEE =>M:BE MA> DBG= H? BG?HKF:MBHG RHN LAHNE= A:O> HG MA>
LBFNE:MHK
:G=
PA>K>
MH
?BG=
BM
:L
?HEEHPL
8


*>GN
59

4>
K><HFF>G=
RHN
IKBGM
HNM
MA>
&G?HKF:MBHG
MH
:OHB=
A:OBG@
MH
OBLBM
MA>
LBFNE:MHK
?HK
>O>KR
<HGLNEM:MBHG

L MA> LBFNE:MBHG IKH@K>LL>L :G= ?KHF HG> R>:K MH MA> G>QM

<A:G@>L BG MA> L<>G:KBH FB@AM M:D> IE:<> PAB<A RHN
LAHNE= ;> :P:K> H? 1A>L> PBEE :II>:K BG MA>
 I:@>L HG MA> LBFNE:MHK >?HK> F:DBG@ : IE:G

MA>K>?HK>

RHN
LAHNE=
<A><D
MA>L>
I:@>L
:G=
@H
HO>K
MA>
BG?HKF:MBHG

#!(

1ABL =H<NF>GM NL>L BGM>KG:MBHG:EER K><H@GBS>= M>KFBGHEH@R ?HK >:<A E:G@N:@> +H K>@BHG:E HK @>H@K:IAB<
LI><B?B<
GHF>G<E:MNK>
HK
B=BHFL
:K>
NL>=

1A>
?HEEHPBG@
M>KFL
:K>
LRGHGRFHNL

 *:GN?:<MNK>K

<HFI:GR

<HGLMKN<MHK

;K:G=

 -E:GM

:LL>F;ER
IE:GM

?:<MHKR

 &G=NLMKR

L><MHK

 *:KD>M

:K>:

@>H@K:IAB<
:K>:

K>@BHG

@>H@K:IAB<
K>@BHG

 !>:E>K

=BLMKB;NMHK

 NMHFH;BE>

O>AB<E>

<:K

:NMH

/>@:K=BG@ LI><B?B< M>KFBGHEH@R

MA> I:KMB<BI:GM FNLM K>:EBS> MA:M LHF>HG> PHKDBG@ HNMLB=> MA> @>H@K:IAB< :K>:
PA>K> A> P:L K:BL>= HK >=N<:M>= FNLM :=:IM MH MA:M :K>:XL EH<:EBLFL 4> <HGLB=>K MABL MH ;> : FBGHK IHBGM

>LI><B:EER
<HGLB=>KBG@
MA>
;B@@>K
<A:EE>G@>L
;>BG@
:==K>LL>=
A>K>

!
($!
 (

#"
 ##!"

&G MA> K>LNEML

RHNK <HFI:GRXL IHLBMBHG PBMA K>LI><M MH MA> HMA>K ?BO>
I:KMB<BI:MBG@ BG MA> LBFNE:MBHG PBEE :II>:K CNLM NG=>K MA> EB:;BEBMB>L BG MA>
U HFI:GB>L :E:G<> 0A>>MV ?BE> 1A> K:GDBG@ <KBM>KBHG NL>= BL
:<<NFNE:M>= IKH?BM 6HNK <HFI:GRXL K:GDBG@ BG?HKF:MBHG BL HGER :L
BFIHKM:GM :L MA> !BK><MHK =><B=>L &G HMA>K PHK=L
MA>K> :K> F:GR P:RL MH
:LL>LL : <HFI:GRXL I>K?HKF:G<>
;NM BG MA> K>LNEML RHN PBEE ?BG= MA>
<KBM>KBHG
=>L<KB;>=
:;HO>



#


"

1A> BGBMB:E <HG=BMBHGL :K> MA> L:F> ?HK :EE <HFI:GB>L :G= MA:M BL PAR MA>R LM:KM HNM PBMA :G B=>GMB<:E ;:E:G<>
LA>>M
8


*>GN
9

6HN FNLM :LLB@G : G:F> MH RHNK <HFI:GR 1A> LBFNE:MHK :<<>IML NI MH  <A:K:<M>KL 1ABL PBEE :ELH ;> RHNK
MK:=>F:KD
G:F>

EE <HFI:GB>L PBEE NL> MA> L:F> <NKK>G<R 8

 *>GN 9 EE =><BLBHGL PBEE ;> >GM>K>= :G=

K>LNEML =BLIE:R>= NLBG@ MABL <NKK>G<R &G HMA>K PHK=L

:EE =><BLBHGL ?HK :GR F:KD>M BG PAB<A RHNK <HFI:GR

HI>K:M>L
PBEE
;>
F:=>
BG
MA>
>LM:;EBLA>=
<NKK>G<R

#HK MA> ?BKLM R>:K

:EE ?BKFL A:O> MH =><B=> MA>BK
A>:=JN:KM>KL EH<:MBHG ?HK MA> LMK:M>@B< =><BLBHGL
<>GM>K /!
IKH=N<MBHG IE:GGBG@
INK<A:LBG@
MK:=>
:G= F:KD>MBG@
?BG:G<>
%/
EH@BLMB<L
:=FBGBLMK:MBHG
:K>:L
>M< PBEE ;> <>GMK:EBS>= MA>K> GH F:MM>K AHP
F:GR =>E>@:MBHGL MA> ?BKF F:R A:O> BG IE:GML :G=
K>@BHGL

1A> >QI>GL>L :LLH<B:M>= PBMA MA> A>:=JN:KM>KL :K> : ?BQ>= :FHNGM HG R>:KL  :G=  8
 *>GN 9
#KHF
R>:K

HG
MA>R
PBEE
=>I>G=
NIHG
MPH
?:<MHKL

 
?BQ>=
<HLM
>JN:E
MH
MA:M
H?
R>:K


 1A> MHM:E GNF;>K H? =BK><M E:;HK :M :EE MA> :LL>F;ER IE:GML L : KNE> H? MANF;
RHN LAHNE= <HNGM HG
A:OBG@ HG> I>KLHG BG MA> A>:=JN:KM>KL ?HK >O>KR LBQ IE:GM PHKD>KL BG :LL>F;ER IE:GML &G RHNK
<:E<NE:MBHGL RHN FNLM :ELH <HGLB=>K MA> :O>K:@> <HLM I>K I>KLHG BG MA> A>:=JN:KM>KL 8

*>GN
9


!#"



6HNK <HFI:GR F:R F:GN?:<MNK> :G= HK F:KD>M BML IKH=N<ML BG MPH F:KD>ML
>:<A ;>BG@ : @>H@K:IAB< K>@BHG
<HFIKBL>=
H?
L>O>K:E
<HNGMKB>L

 ++HKMA
F>KB<:
:G:=:

*>QB<H
:G=
MA>
2GBM>=
0M:M>L

 4"+HKMA>KG "NKHI> >E@BNF

!>GF:KD
#K:G<>
$>KF:GR
%HEE:G=
&K>E:G=
&M:ER
-HKMN@:E
0I:BG :G=
MA>
2GBM>=
(BG@=HF

1A> FH=>E K>LIHG=L FN<A :L MA> :<MN:E F:KD>ML PHNE= BG MAHL> K>@BHGL
PA>K> RHN <:G HI>K:M>
MAHN@A BM BL GHM F>:GM MH ;> :G >Q:<M LBFNE:MBHG
%>G<>
MA> LBFNE:MBHG BGBMB:EER K>LIHG=L MH MA> K>:E F:KD>M
;NM MA>
I:KMB<BI:MBG@
<HFI:GB>L
PBEE
>O>GMN:EER
MK:GL?HKF
BM
PBMA
MA>BK
=><BLBHGL

1A> <HFI>MBG@ <HFI:GB>L FNLM =><B=> PA>K> MH ;:L> MA>BK A>:=JN:KM>KL

MAHN@A MABL BG GH P:R ?HK<>L MA>F MH F:GN?:<MNK> L>EE BG MA:M @>H@K:IAB< :K>:
":<A
<HFI:GR
F:R
F:GN?:<MNK> F:KD>M
BML
IKH=N<ML
PA>K>
BM
=>LBK>L


1A> LBFNE:MBHG A:L LBQ <HFI:GB>L :G= >:<A K>@BHG :EK>:=R A:L PA:M :K> <:EE>= U>LM:;EBLA>=V <HFI:GB>L PAB<A
A:O> ;>>G HI>K:MBG@ ?HK LHF> MBF> ":<A F:KD>M K>@BHG BL :LLNF>= MH A:O> ?HNK >LM:;EBLA>= <HFI:GB>L
;NM ?HK
:EE
BGM>GML
:G=
INKIHL>L

:G=
?HK
MA>
L:D>
H?
LBFIEB?B<:MBHG

MA>R

;>A:O>
:L
HG>
":<A
K>@BHG
A:L

 &ML HPG I>K <:IBM: BG<HF> &GBMB:EER MABL O:EN> K>?E><ML MA> K>:EPHKE= BG<HF>
;NM BM PBEE O:KR :?M>K MA> ?BKLM
R>:K 8
 *>GN 9 &GBMB:EER MA> :<MN:E I>K <:IBM: BG<HF> BL NL>= 1A> LBFNE:MHK PBEE BG?HKF RHN
H?
AHP
MABL
<A:G@>L
>:<A
R>:K K>IHKMBG@
I>KBH=

 
O>AB<E>
L:E>L
M:Q
MA:M
BL
BG<EN=>=
BG
MA>
LN@@>LM>=
K>M:BE
IKB<>
8


*>GN
9

 
<HKIHK:M>
M:Q
8


*>GN
9

 A:G@BG@ BGM>K>LM K:M>L :L L>M ;R MA> <>GMK:E ;:GDL 6HN PBEE ;> BG?HKF>= >:<A R>:K K>IHKMBG@ I>KBH= H?
MA>
<A:G@>L
BG
MA>L>
BGM>K>LM
K:M>L
8


*>GN
9

 G :GMB<BI:M>= MHM:E =>F:G= ?HK O>AB<E>L 8

 *>GN 9 1A> ?B@NK> LAHPG <:G ;> :??><M>= ;R
<A:G@>L
BG
I>K
<:IBM:
BG<HF>
:G=
BGM>K>LM
K:M>L

1ABL K>IHKM IKHOB=>L RHN PBMA :<<NK:M> BG?HKF:MBHG K>@:K=BG@ MA> MPH K>@BHGL BG PAB<A RHNK <HFI:GR <:G
HI>K:M>



!$#"

6HNK
<HFI:GR
<:G
F:GN?:<MNK>
O>AB<E>L
BG
MAK>>
=B??>K>GM
FH=>EL
:G=
PBMA
MPH
=B??>K>GM
>G@BG>
MRI>L

>?HK> RHNK <HFI:GR >GM>K>= MA> L><MHK

MA> BG=NLMKR A:= :EK>:=R B=>GMB?B>= MAK>> =B??>K>GM IKH=N<M L>@F>GML

<HKK>LIHG=BG@ MH MAK>> =B??>K>GM MRI>L H? O>AB<E>L PAB<A :K> BGM>G=>= ?HK MA> =B??>K>GM ;NR>KL 1A>L> <HKK>LIHG=
MH PA:M >G@BG>>KL <:EE WIE:M?HKFLX
:G= :K> =>?BG>= ;R MA> O>AB<E>LX =BF>GLBHGL :G= MA>BK LA:I> 1A>
L>@F>GML IE:M?HKFL
:G=
MA>
FBGBFNF F:QBFNF
=BF>GLBHGL
:O:BE:;E>
MH
RHNK
=>O>EHI>KL
:K>
:L
?HEEHPL


 FH=>E BL =>?BG>= ;R BML MAK>> =BF>GLBHGL :G= BML LA:I> <HFI:<M :G= L>=:G  <A:G@> MH :GR H? MA>L> ?HNK
<A:K:<M>KBLMB<L PBEE K>LNEM BG :GHMA>K FH=>E 1A> F:KD>M L>@F>GM >:<A FH=>E BL BGM>G=>= ?HK BL =>M>KFBG>=
>Q<ENLBO>ER ;R MA> E>G@MA :G= LA:I> 1A> =B??>K>GM FH=>E O>KLBHGL :K> =>?BG>= ;R MA> >G@BG> MRI> :G=
=BLIE:<>F>GM

:G=
;R
MA>
MKBF
:G=
HIMBHG
I:<D:@>L

>KM:BG MRI>L H? O>AB<E>L

LN<A :L ?NEELBS> <:KL IE:M?HKF  L>=:GL
LIHKML <:KL <HGO>KMB;E>L
AB@A ENQNKR
023L

O:GL :G= MKN<DL IB<DNIL A:O> GHM ;>>G BG<EN=>= BG MA> LBFNE:MBHG 3>KR AB@A I>K?HKF:G<> O>KLBHGL H? MA> FHLM
<HFFHG
<:M>@HKB>L
A:O>
:ELH
;>>G
>Q<EN=>=

&G MA> BG=NLMKR ;>BG@ >FNE:M>=

MA> M>KF IE:M?HKF PAB<A K>?>KL MH LBS> BL >JNBO:E>GM MH L>@F>GM PAB<A K>?>KL MH
: L>M @KHNI H? ;NR>KL 1A> M>KF NL>= O:KB>L :<<HK=BG@ MH MA> BG?HKF:MBHG LHNK<>
;NM MA>R ;HMA K>?>K MH MA>
L:F> MABG@ &G MABL LBFNE:MHK MA>K> :K>  IE:M?HKFL :G=  L>@F>GML ,G> M>KFBGHEH@R NL>=
H? F:GR
BG MA> 20
BL

 0>@F>GM

0N;<HFI:<M  0>@F>GM

*B=LBS>

 0>@F>GM

HFI:<M

6HNK <HFI:GR FNLM =>O>EHI MA> O>AB<E>L RHN LI><B?R  O>AB<E> BL : WFH=>EX :G= RHN =>?BG> BML =BF>GLBHGL
B>
E>G@MA

PB=MA

A>B@AM
:G=
LA:I>

O>AB<E>XL
=BF>GLBHGL
FNLM
;>
PBMABG
MA>
F:K@BGL
L>M
HNM
:;HO>

":<A FH=>E <:G A:O> =B??>K>GM O>KLBHGL :<<HK=BG@ MH >G@BG> MRI>

=BLIE:<>F>GM
HIMBHGL :G= MKBF 6HNK
<HFI:GR
<:G
A:O>
:
F:QBFNF
H?

O>KLBHGL
?HK
>:<A
FH=>E

1PH MRI>L H? >G@BG> <:G ;> ;NBEM :G= BGLM:EE>= BG :GR O>AB<E> BG :GR L>@F>GM @:LHEBG> :G= =B>L>E 1A>
=BLIE:<>F>GML
RHN
<:G
NL>
:K>
:L
?HEEHPL

=>I>G=BG@
HG
MA>
>G@BG>
MRI>
:G=
L>@F>GM

1A>K>?HK>
MA> I:K:F>M>KL RHN FNLM LI><B?R ?HK >:<A FH=>E O>KLBHG :K> >G@BG>
=BLIE:<>F>GM
HIMBHGL :G=
MKBF 1A> HIMBHGL BGOHEO> M><AGB<:E I:<D:@>L
LN<A :L I:LLBO> :<MBO> L:?>MR LRLM>FL
EB@AML
G:OB@:MBHG LRLM>FL

>M<
PBMA PAB<A : O>AB<E> <:G ;> >JNBII>= 1A> MKBF BGOHEO>L MA> F:M>KB:EL :G= E>O>E H? <HF?HKM 1AK>> HIMBHG
:G= MKBF E>O>EL :K> :O:BE:;E> :LB< *>=BNF #NEE #HK >:<A FH=>E RHN <:G =>O>EHI O>KLBHGL MA:M BG<HKIHK:M>
MA>
?HEEHPBG@
MKBF
:G=
HIMBHG
I:<D:@>L



6HN
F:R
=>O>EHI
:L
F:GR
O>KLBHGL
:L
MA>K>
:K>
<HF;BG:MBHGL
PBMA
MA>
?HEEHPBG@
>Q<>IMBHG
,IMBHG

PBMA
1KBF



6HN
F:R
=>O>EHI
:L
F:GR
O>KLBHGL
:L
MA>K>
:K>
<HF;BG:MBHGL
PBMA
MA>
?HEEHPBG@
>Q<>IMBHG
,IMBHG

PBMA
1KBF



&G LNFF:KR
: FH=>E BL =>?BG>= ;R MA> =BF>GLBHGL :G= LA:I> RHN LI><B?R :G=
>:<A O>KLBHG H? : FH=>E BL =>?BG>= ;R MA> >G@BG>
MA> =BLIE:<>F>GM
HIMBHG :G=
MKBF 3>KLBHGL BG MA> LBFNE:MHK />LNEM 0A>>ML :K> G:F>= 3>KLBHG 1A>R BG<EN=>
=:M: K>E:M>= MH BML L>@F>GM
MA> R>:K :G= MA> HK=>K MA> FH=>E P:L =>O>EHI>=

=BLIE:<>F>GM
HIMBHG
MKBF :G= R>:K MA> O>KLBHG BML>E? P:L :NMAHKBS>= 1A> HK=>K H?
=>O>EHIF>GM
H?
:
FH=>E
PBEE
;>
=>LB@G:M>=
PBMA
E>MM>KL



HK


0H
?HK >Q:FIE>
: O>KLBHG G:F>= 0 * !&"  , 1 3
PBEE <HKK>LIHG=
MH : L>@F>GM  O>KLBHG
;>EHG@BG@ MH : FH=>E BG MA> ?BKLM IE:<> =>O>EHI>= BG R>:K


=B>L>E



<< 
E

HIMBHG


MKBF

:G=
PAB<A
P:L
=>O>EHI>=
BG
R>:K


1A>K>
FNLM
;>
:M
E>:LM
HG>
O>KLBHG
I>K
FH=>E
":<A
FH=>E
FNLM
A:O>
:
G:F>

&G >:<A H? MA> K>@BHGL BG PAB<A RHNK <HFI:GR <:G HI>K:M>

RHN PBEE HGER ;> :;E> MH F:KD>M HG> FH=>E BG >:<A
L>@F>GM 1A:M BL
LAHNE= RHN P:GM MH F:KD>M O>AB<E>L BG >O>KR L>@F>GM BG : @BO>G K>@BHG
RHN PHNE= A:O> :
F:QBFNF
H?

FH=>EL
:G=

O>KLBHGL

GR FH=>E ;>BG@ F:KD>M>= BG : @BO>G L>@F>GM BG : K>@BHG <:G ;> LN;LMBMNM>= ;R :GHMA>K HG MA> ?HEEHPBG@ HK :GR
HMA>K
R>:K

FH=>E
<:G
;>
=BL<HGMBGN>=
PBMAHNM
A:OBG@
MH
;>
K>IE:<>=
;R
:GHMA>K

0>O>K:E FH=>EL <:G ;> =>LB@G>= :G= IKH=N<>= ?HK MA> L:F> L>@F>GM
;NM HGER HG> <:G ;> F:KD>M>= BG :GR
@BO>G
:K>:



!$#
!"!

% #

6HNK <HFI:GR <:G =>O>EHI HG> FH=>E I>K R>:K
>Q<>IM ?HK MA> ?BKLM
PA>G MA> EBFBM BL   FH=>EXL <K>:MBHG :G=
=>O>EHIF>GM
IKH<>LL
BL
:L
?HEEHPL

1A> MBF> MH F:KD>M ?HK :GR G>P O>AB<E> BL MPH R>:KL

MPH ?BG:G<B:E
I>KBH=L
=NKBG@ PAB<A RHNK /! =>I:KMF>GM BL PHKDBG@ HG MA> O>AB<E>
1ABL =>I:KMF>GM BL EH<:M>= BG MA> L:F> @>H@K:IAB< K>@BHG :L MA>
A>:=JN:KM>KL

1A> ?BKLM R>:K BL =>=B<:M>= MH =>LB@GBG@ MA> FH=>E

:G= BML :LLH<B:M>=
:GGN:E <HLM 8
 *>GN 9 BL <HGLB=>K>= :G BGO>LMF>GM :G=
:G :LL>M HG MA> ;:E:G<> LA>>M 1ABL :LL>M BL :FHKMBS>= HO>K : R>:K
I>KBH= BG :GGN:E JN:KM>KER BG<K>F>GML
LM:KMBG@ MA> R>:K MA> FH=>E BL
K>:=R
MH
;>
LHE=

1A> L><HG= R>:K BL =>=B<:M>= MH =>O>EHIBG@ MA> >G@BG>>KBG@ IKH<>LL>L G>>=>= MH :=:IM MA> M><AGB<:E ?:<BEBMB>L

F:<ABG>KR :G= MHHEL MH IKH=N<> MA> FH=>E &M A:L MA> L:F> :GGN:E <HLM I>K FH=>E :L MA> =>LB@G IA:L> :G= BL
<HGLB=>K>= :G BGO>LMF>GM
K>?E><M>= :L :G :LL>M
:G= :FHKMBS>= HO>K  R>:KL
LM:KMBG@ MA> R>:K MA> FH=>E BL
K>:=R
MH
;>
LHE=

1A>K>?HK>
BG :GR @BO>G R>:K
B? RHN =><B=> MH =>O>EHI : G>P O>AB<E>
RHN FNLM =><B=> HG PA:M FH=>E MH
=>O>EHI :G= PAB<A L>@F>GM BM BL BGM>G=>= ?HK 1H =H MABL
BGINM MA> L>@F>GM MA> G>P O>AB<E> PBEE ;>EHG@ MH BGMH
MA> LBFNE:MHK
MA> =><BLBHGL <HG<>KGBG@ BML =BF>GLBHGL E>G@MA
PB=MA
A>B@AM :G= LA:I> :G= @BO> MA> ?NMNK>
O>AB<E> : G:F>  <A:K:<M>KL F:QBFNF !NKBG@ MA> ?BKLM R>:K
MA> O>AB<E> PBEE ;> BG MA> =>LB@G IA:L> 1A>
L>@F>GM
PBEE
;>
=>?BG>=
>Q<ENLBO>ER
;R
E>G@MA
:G=
LA:I>

1A> ?HEEHPBG@ R>:K RHN FNLM =><B=> HG MA> FH=>E O>KLBHGL MH ;> =>O>EHI>=  O>KLBHGL F:QBFNF I>K FH=>E
1ABL BL LI><B?B>= BG MA> =><BLBHG LA>>M ;R IKHOB=BG@ MA> >G@BG> MRI> :G= =BLIE:<>F>GM
MA> HIMBHGL :G= MKBF 1A>
FH=>E
:G=
BML
O>KLBHGL
PBEE
;>
BG
MA>
>G@BG>>KBG@
IA:L>
?HK
HG>
R>:K


1A>
?HEEHPBG@
R>:K

M 

MA>
FH=>E
:G=
BML
O>KLBHGL
PBEE
;>
K>:=R
?HK
BFF>=B:M>
F:GN?:<MNK>
:G=
F:KD>MBG@

L :G >Q<>IMBHG
BG MA> LBFNE:MBHGXL ?BKLM R>:K RHN <:G =><B=> MH =>O>EHI NI MH MAK>> FH=>EL ?M>K MA:M
RHN <:G
=>O>EHI
HG>
FH=>E
I>K
R>:K
:M
FHLM

&
%!""

!(
'"#
"

6HN <:G =><B=> MH =>O>EHI : G>P O>KLBHG H? : FH=>E :EK>:=R HG MA> F:KD>M :M :GR MBF> ":<A G>P O>KLBHG PBEE
:ELH K>JNBK> HG> R>:K ;>?HK> BM <:G ;> F:GN?:<MNK>=
=BLMKB;NM>= :G= LHE= 1A> IK>I:K:MBHG R>:K BL =>=B<:M>= MH
>G@BG>>KBG@
:G=
IKH=N<MBHG
F>MAH=L

%HP>O>K
M:D> BGMH :<<HNGM MA:M RHN :K> :EEHP>= MH A:O> : F:QBFNF H?  O>KLBHGL I>K FH=>E
<HGLB=>KBG@ ;HMA
MA> >QBLMBG@ HG>L :G= MAHL> ;>BG@ =>O>EHI>= 1ANL
B? RHN =><B=> MH =>O>EHI : G>P O>KLBHG H? : @BO>G FH=>E
:G= RHN :EK>:=R A:O>  HG MA> F:KD>M
RHN PBEE G>>= MH INEE HG> H?? MA> F:KD>M :G= P:BM ?HK HG> R>:K ;>?HK>
;>BG@
:EEHP>=
MH
=>O>EHI
MA>
G>P
HG>

1A>K> BL GH EBFBM MH MA> GNF;>K H? O>KLBHGL MA:M <:G ;> =>O>EHI>= LBFNEM:G>HNLER +>O>KMA>E>LL
;>:K BG FBG=
MA:M RHN <:G A:O> : F:QBFNF H?  O>KLBHGL I>K FH=>E :M : MBF>
BG<EN=BG@ ;HMA MA> >QBLMBG@ HG>L :G= MAHL>
;>BG@
=>O>EHI>=

"#$
"

%!""

6HNK <HFI:GR <:G PBMA=K:P FH=>EL :G= O>KLBHGL ?KHF MA> F:KD>M :M :GR MBF>
;NM : R>:K PBEE >E:IL> ;>MP>>G
MA> MBF> MABL BL >GM>K>= MH MA> =><BLBHG LA>>M NGMBE BM BL PBMA=K:PG 1A> FH=>E :G= BML O>KLBHGL PBEE <HGMBGN> MH ;>
LHE= =NKBG@ MA:M MBF> :G= O>KLBHGL <:G LMBEE ;> F:GN?:<MNK>= 1A> K>LNEML LA>>M PBEE LAHP MA> NGBML LHE=
:G=
MAHL> PAB<A <HNE= GHM ;> LHE= PBEE ;> LHE= :M <HLM 1ABL L:E>L HI>K:MBHG
PAB<A K>IK>L>GML :  G>M ;:E:G<>
BL GHM
LAHPG
HG
MA>
&G<HF>
0M:M>F>GM


""(


#"

G :LL>F;ER IE:GM BL =>?BG>= :L MA> IE:GM ?:<MHKR PAB<A IKH=N<>L MA> ?BGBLA>= <:K 1A> IE:GML F:D> MA> <A:LLBL
<NMMBG@
LM:FIBG@
P>E=BG@ :G= I:BGMBG@ :G= :EE MA> O>AB<E>XL <HFIHG>GML :K> MA>G :LL>F;E>= HG HG> HK
L>O>K:E :LL>F;ER EBG>L 1ABL K>JNBK>L MA:M :EE MA> <HFIHG>GML >G@BG>
@>:K;HQ
MK:GLFBLLBHG
:QE>L

LNLI>GLBHG

=:LA;H:K=

PBG=HPL

>M<
;>
K>:=R
:G=
:O:BE:;E>
:M
MA>
IE:GM
:M
:
LI><B?B<
IE:<>
:G=
MBF>

0HF> H? MA>L> >E>F>GML :K> F:GN?:<MNK>= ;R MA> <HFI:GR BML>E? BG HMA>K IE:GML GHM BG MA> :LL>F;ER IE:GML
:G= LABII>= MH MA> IE:GM :M <HLM
LN<A MA:M MA>L> LN;:LL>F;ER IE:GML =H GHM @>G>K:M> IKH?BML ,MA>K <HFIHG>GML
:K>
INK<A:L>=
?KHF
HNMLB=>
LNIIEB>KL

1A> <HFIHG>GML :L : PAHE> PBEE ;> <HGLB=>K>= K:P F:M>KB:EL ;HN@AM ?KHF HNMLB=> LNIIEB>KL 1ANL
PA>G P>
LI>:D
H?
=BK><M
IKH=N<MBHG
I>KLHGG>E

MABL
K>?>KL
HGER
MH
MA>
I>KLHGG>E
>FIEHR>=
BG
MA>
:LL>F;ER
IE:GML

6HN
FNLM
=><B=>
PA>K>
MH
BGLM:EE
RHNK
:LL>F;ER
IE:GML
6HN
<:G
A:O>
:
F:QBFNF
H?
MAK>>
IE:GML
I>K
K>@BHG

M
MA>
;>@BGGBG@
H?
MA>
LBFNE:MBHG

MA>
F:QBFNF
GNF;>K
H?
:LL>F;ER
IE:GML
RHN
<:G
A:O>
BG
HI>K:MBHG
BL
MAK>>

6HN FNLM =><B=> HG MA> LBS> H? MA> :LL>F;ER IE:GM :<<HK=BG@ MH ?BO> IHLLB;E> <:IBM:E >QI>G=BMNK> <AHB<>L
>:<A
K>IK>L>GMBG@
:
MA>HK>MB<:E
F:QBFNF
=:BER
O>AB<E>
<:I:<BMR

""(
#
")

#!#
!$#

$#"
!
(

/>?>K MH MA>
 I:@> 8
 *>GN 9 MH DGHP MA> <:IBM:E >QI>G=BMNK> >:<A MRI> LBS> H? IE:GM
K>IK>L>GML
1A>L>
:LL>ML
:K>
=>IK><B:M>=
:M
:G
:GGN:E
K:M>
H?


1A> <:I:<BMB>L LI><B?B>= BG MA> :;HO> M:;E> :K> MA>HK>MB<:E :G= <:G <A:G@> NI HK =HPG =>I>G=BG@ HG MA> FH=>E
;>BG@ F:GN?:<MNK>= 1A> GNF;>K H? NGBML I>K =:R BL ;:L>= HG L>@F>GM 0
:LLNFBG@ BM M:D>L 
 F:G
FBGNM>L
MH
:LL>F;E>
HG>
NGBM

1A>
<HFI:GB>L
:K>
NG=>K
GH
H;EB@:MBHG
PA:MLH>O>K
MH
F:QBFBS>
<:I:<BMR


4A>G =><B=BG@ MH BGLM:EE : G>P IE:GM
RHN FNLM LI><B?R BML
LBS> 1/
1/
1/
 ,G> R>:K PBEE >E:IL> ?KHF MA>
MBF> MA> =><BLBHG BL F:=> NGMBE MA> IE:GM LM:KML IKH=N<MBHG
&?
AHP>O>K
RHN =><B=> MH NI@K:=> MA> IE:GM BG MA> ?NMNK>

@HBG@ ?KHF
L:R
: 1/ MH : 1/
MA> G>P IKH=N<MBHG
<:I:<BMR PBEE ;> :O:BE:;E> MA> L:F> R>:K MA> =><BLBHG MH
>GE:K@> BL F:=> &G MABL <:L>
:L >QI><M>=
MA>
BGO>LMF>GM G>>= HGER <HO>K MA> LBS> =B??>K>G<> ;>MP>>G
MA> G>P :G= MA> HE= IE:GML &G MA:M <:L>
D>>I BG FBG= MA:M
MA> :<MN:E BGO>LMF>GM PBEE ;> MA> =B??>K>G<> ;>MP>>G MA>
G>P
LBS>
:G=
MA>
LBS>
;>?HK>

":<A :LL>F;ER IE:GM <:G HGER F:GN?:<MNK> HG> FH=>E

:G=
BML
:LLH<B:M>=
O>KLBHGL
BG
MA>
L:F>
I>KBH=

=B??>K>GM
FH=>E
<:G
;>
;NBEM
>:<A
R>:K I>KBH=

&G :==BMBHG MH MA> <:IBM:E BGO>LMF>GM BG MA> IE:GMXL LMKN<MNK>

:G BGO>LMF>GM BG F:GN?:<MNKBG@ M><AGBJN>L MHHEL

F:<ABG>L
KH;HML
>M< :=:IM>= MH MA> FH=>E =>LBK>= MH F:GN?:<MNK> BL G><>LL:KR ;>?HK> MA> IE:GM <:G
F:GN?:<MNK>
:
@BO>G
FH=>E

1A>L> BGO>LMF>GML :K> FH=>E LI><B?B< :G= O:KR :<<HK=BG@ MH MA>

IE:GM MRI> LBS> 8
 *>GN 9  G>P BGO>LMF>GM BG MA>
L:F> :FHNGM PBEE A:O> MH ;> F:=> B? : =B??>K>GM FH=>E BL MH ;>
;NBEM BG MA> IE:GM 1A> L:F> FH=>E <:G ;> F:=> BG =B??>K>GM
IE:GML

>:<A
K>JNBKBG@
MABL
L:F>
BGO>LMF>GM

&GO>LMF>GML BG M><AGB<:E ?:<BEBMB>L :K> =>IK><B:M>= :M :G :GGN:E

K:M>
H?


M :GR @BO>G MBF> R>:K

RHN <:G <K>:M> :G= NI@K:=> IE:GML ;R
F:DBG@ MA> G><>LL:KR <:IBM:E >QI>G=BMNK> )BD>PBL>
: FH=>E <:G
;> IKH=N<>= :M :GR IE:GM ;R BGO>LMBG@ BG MA> K>JNBK>= M><AGB<:E
?:<BEBMB>L
;NM MA>L> BGO>LMF>GML <:G G>O>K ;> K>=N<>= HK
>EBFBG:M>=

&G :==BMBHG MH =><B=BG@ HG MA> FH=>E MH ;> IKH=N<>= :M >:<A IE:GM

RHN FNLM :ELH =><B=> HG MA> I>K<>GM:@> H?
NGBML
>:<A
O>KLBHG
K>IK>L>GML

1A> LBS> H? MA> :LL>F;ER IE:GML <K>:M>= BG R>:K  <:GGHM ;> <A:G@>= NGMBE R>:K  &? RHN :MM>FIM MH =H LH
;>?HK>
MA:M BL
BG R>:K 
D>>I BG FBG= MA:M MA> <A:G@> PBEE GHM <HF> BGMH >??><M NGMBE R>:K 
F>:GBG@ MA:M
=NKBG@
R>:K

RHN
PBEE
LMBEE
A:O>
MA>
IKH=N<MBHG
<:I:<BMR
=><B=>=
BG
R>:K


#BG:G<B:EER
AHP>O>K
MA> LBFNE:MHK PBEE <A:K@> RHN MA> <HKK>LIHG=BG@ :==BMBHG:E BGO>LMF>GM BG :LL>F;ER IE:GML
:G=
M><AGB<:E
?:<BEBMB>L
BG
R>:K


MH@>MA>K
PBMA
MA>
<HKK>LIHG=BG@
HO>KA>:=
:G=
=>IK><B:MBHG
<HLML


!$
$# $#
 #(

1A>K>
:K>
MPH
P:RL
MH
K>=N<>
MA>
HNMINM
<:I:<BMR

R
=>:<MBO:MBG@
MA>
IE:GM EE MA> :LL>ML :K> D>IM 1ABL BL
LI><B?B>= ;R L>MMBG@ MA> GNF;>K H? =BK><M >FIEHR>>L :G=
LAB?ML MH S>KH 1A> IE:GM PBEE <HGMBGN> MH ;> =>IK><B:M>= :G=
BM
PBEE
;>:K
MA>
HO>KA>:=
<HLML
:LLH<B:M>=
PBMA
HG>
LAB?M

1A> K:P F:M>KB:EL LMH<D B? :GR BL D>IM :G= <:G ;> NL>= MH
F>>M =>F:G= :M HMA>K IE:GML )BD>PBL>
MA> ?BGBLA>=
IKH=N<M LMH<D BL D>IM :G= <:G ;> NL>= MH F>>M =>F:G= HG
:GR
K>@BHG
PA>K>

MA>
IKH=N<M
BL
;>BG@
F:KD>M>=

0BFIE>
K>=N<MBHG
BG
MA>
GNF;>K
H?
NGBML
MH
IKH=N<> :EE MA>

:LL>ML :K> D>IM 'NLM K>=N<> MA> GNF;>K H? LAB?ML :G= HK
MA>
GNF;>K
H?
=BK><M
IKH=N<MBHG
I>KLHGG>E

#HK MA> MPH <:L>L =>L<KB;>=

MA> K>=N<MBHG HK >EBFBG:MBHG
>BMA>K MHM:E HK I:KMB:E
H? MA> PHKD?HK<> BFIEB>L <>KM:BG
<HLML

:L
=>L<KB;>=
BG
!BLFBLL:EL
BG
MA>
G>QM
<A:IM>K


 

!$#
&!!

1ABL
BL
:ELH
=>LB@G:M>=
:L
=BK><M
E:;HK
BG
=><BLBHG
LA>>ML
:G=
K>IHKML

#HK >:<A IE:GM

RHNK <HFI:GR FNLM =><B=> MA> GNF;>K H? LAB?ML HG> HK MPH :G= MA> MHM:E GNF;>K H? IKH=N<MBHG
I>KLHGG>E MH ;> ABK>=
;>:KBG@ BG FBG= MA> FH=>E MH ;> ;NBEM :G= MA> :LLH<B:M>= MA>HK>MB<:E F:GN?:<MNKBG@
<:I:<BMR
1A>
MBF>
G>>=>=
MH
F:GN?:<MNK>
:
NGBM
O:KB>L
:<<HK=BG@
MH
MA>
L>@F>GM

#
#
$#$!


$#

EE
MA>
<:E<NE:MBHGL
:LLNF>

IKH=N<MBHG
=:RL
I>K
R>:K
:G=

FBGNM>L
I>K
I>KLHG
I>K
=:R

1A>L> O:EN>L :K> MA> L:F> ?HK >O>KR K>@BHG

IE:GM :G= O>KLBHG 1A>R :K> :ELH BG=>I>G=>GM H? MA> FH=>E LBS>
:G=
O>KLBHG
<A:K:<M>KBLMB<L

1A>K> BL : K:G@> H? F:QBFNF :G= FBGBFNF O:EN>L PA>G =><B=BG@ HG MA> :O>K:@> <HLM MH MA> <HFI:GR ?HK :G
:LL>F;ER EBG> PHKD>K 8
 *>GN 9 1A>L> O:KR :<<HK=BG@ MH MA> @>H@K:IAB< K>@BHG BG PAB<A MA> IE:GM
BL
EH<:M>=

!$#
#%"

#HK : @BO>G GNF;>K H? =BK><M IKH=N<MBHG PHKD>KL

: IE:GMXL MA>HK>MB<:E
<:I:<BMR
<:G
;>
BG<K>:L>=
B?
IKH=N<MBOBMR
BL
BG<K>:L>=

&? MA> <HFI:GR =><B=>L MH BFIE>F>GM :G BG<>GMBO> IE:G

BM FNLM ?BKLM
=><B=> HG MA> F:QBFNF I>K<>GM:@> BG<K>:L> ;:L>= HG MA> :GGN:E
<HLM I>K I>KLHG 1A> F:QBFNF BG<>GMBO> BL  :;HO> MA> ?BQ>= <HLM
MH
MA>
<HFI:GR

1A> G>QM =><BLBHG BGOHEO>L MA> I>K<>GM:@> BG<K>:L> G>>=>= BG MA>

GNF;>K H? NGBML IKH=N<>= MH K>:<A MA> F:QBFNF BG<>GMBO> LI><B?B>=
:;HO>

1A>L>
BG<>GMBO>
IE:G
=><BLBHGL
:K>
F:=>
L>I:K:M>ER
?HK
>:<A
IE:GM
:G=
PBEE
;>
BGMKH=N<>=
BG
I>K<>GM:@>

""""

1A> GNF;>K H? IKH=N<MBHG >FIEHR>>L ?HK >:<A IE:GM BL IE:GG>= PBMA >:<A G>P I>KBH=  K>=N<MBHG BG MA> GNF;>K
H? >FIEHR>>L ?KHF MA> IK>OBHNL R>:K F>:GL =BLFBLL:EL P>K> K>JNBK>= 1ABL A:L : <HLM :LLH<B:M>= PBMA BM 8


*>GN
9
?HK
>:<A
I>KLHG
=BLFBLL>=
:G=
BL
K>?E><M>=
HG
RHNK
BG<HF>
LM:M>F>GM


0AHNE= RHN =><B=> GHM MH IKH=N<> BG : @BO>G :LL>F;ER IE:GM PBMAHNM =BLFBLLBG@ MA:M IE:GML =BK><M IKH=N<MBHG
PHKD?HK<>
MA> <HLM L:E:KB>L H? MA:M I>KLHGG>E PHNE= ;> K>?E><M>= HG RHNK BG<HF> LM:M>F>GM :L U 
$


!&
#!"

!(



1A> IKH=N<MBHG H? >:<A FH=>E O>KLBHG K>JNBK>L : L>M :FHNGM H? K:P F:M>KB:EL ":<A NGBM H? K:P F:M>KB:E
>G<HFI:LL>L
:EE
MA>
F:M>KB:EL
G>>=>=
MH
F:GN?:<MNK>
:
O>AB<E>

!&
#!
$#"

!

#( 

%

1H
MA>L>
NGBML
P>
FNLM
:==
MAHL>
<HKK>LIHG=BG@
MH
MA>
O>AB<E>XL
HIMBHGL
:G=
MKBF

"Q:FIE> 1H IKH=N<> HG> O>KLBHG ?HK L>@F>GM 

@:LHEBG> >G@BG>
 EBM>KL
E>O>E H? HIMBHGL  :G= MKBF 
RHN
PBEE
G>>=








NGBML
H?
K:P
F:M>KB:EL

":<A R>:K RHNK <HFI:GR FNLM =><B=> AHP FN<A K:P F:M>KB:E MH INK<A:L>
:<<HK=BG@ MH MA> GNF;>K H? NGBML MH
;> IKH=N<>= BG >:<A L>@F>GM 1H =H MABL RHN PBEE G>>= MH <HGLNEM MA> IKB<> ?HK >:<A NGBM 8
 *>GN 9

PAB<A
=B??>KL
;R
L>@F>GM

1A> NGBML ?HK HG> FH=>E <:G ;> NL>= MH F:GN?:<MNK> :GR H? BML
O>KLBHGL
:G= :ELH ?HK :GR HMA>K FH=>E BG MA> L:F> L>@F>GM 1A>
NGBML
:K>
MA>
L:F>
?HK
:EE
<HFI:GB>L

K>@BHGL
:G=
IE:GML

1A> IKB<> ?HK NGBML H? K:P F:M>KB:E

PAB<A =B??>K ;R L>@F>GM

BG<EN=> MK:GLIHKM:MBHG :G= :GR HMA>K <HLML BGOHEO>= BG @>MMBG@ MA>

NGBML
MH
MA>
IE:GM
PA>K>
MA>R
:K>
MH
;>
NL>=


1A> NGBML INK<A:L>= ?HK >:<A L>@F>GM <HKK>LIHG= MH MA> MHM:E LNF G>>=>= MH F>>M MA> =>F:G= :M :EE MA> IE:GML
B?
FHK>
MA:G
HG>
F:GN?:<MNKBG@
?HK
MA>
L:F>
L>@F>GM
>O>G
B?
MA>
FH=>EL
:K>
=B??>K>GM

,G<> HK=>K>=
MA> NGBML ;><HF> RHNK IKHI>KMR
>O>G B? MA>R :K> LMBEE BG MA> LNIIEB>KLX ?:<BEBMB>L 1A>R <:G ;>
=>EBO>K>=
MH
:GR
IE:GM
=NKBG@
MA>
?HEEHPBG@
I>KBH=

HLML I>K NGBM PBEE O:KR =>I>G=BG@ HG MA> :FHNGM ;HN@AM GNF;>K
H? NGBML ;HN@AM :G= MA> I:RF>GM I>KBH= <:LA
 =:RL
 =:RL
:G=

=:RL

0AHNE= RHN BG<HKK><MER >LMBF:M> MA> GNF;>K H? K:P F:M>KB:E NGBML

G>>=>= MH F>>M RHNK IKH=N<MBHG JNHM: :G=
:L : K>LNEM
A:O>
BGLN??B<B>GM LMH<D
MA> LBFNE:MHK PBEE :NMHF:MB<:EER ;NR MA>
JN:GMBMB>L G><>LL:KR MH ;:E:G<> MA> LMH<D :M  1A>L> :==BMBHG:E
NGBML PBEE A:O> :  LNK<A:K@> :==>= MH MA> IKB<> EBLM>= BG MA>
&G?HKF:MBHG I:@> 8
 *>GN 9 :G= PBEE ;> I:B= ?HK BG
<:LA

1A>K> :K>  MRI>L H? K:P F:M>KB:EL

HG> ?HK >:<A L>@F>GMIE:M?HKF PAB<A PBEE ;> BG<EN=>= BG MA> ULL>MLV LB=> H?
MA>
:E:G<>
0A>>M
B?
RHNK
<HFI:GR
A:=
:GR
LMH<D>=
:M
MA>
>G=
H?
MA>
R>:K

1A>K> BL :GHMA>K NGBM <HLM

MA:M BGOHEOBG@ MA> <HGLNFIMBHG H? >G>K@R :G= HMA>K <HGLNF:;E>L :M MA> IE:GM BML>E? 8

 *>GN 9 1ABL <HLM BL MA> L:F> ?HK :EE <HFI:GB>L

F:KD>ML :G= IE:GML :G= HGER O:KB>L ;R
L>@F>GM FH=>E


!#


!$#
"#"

!BK><M IKH=N<MBHG <HLML :K> LI><B?B>= ;R O>KLBHG :G= IE:GM

:G= BGOHEO> MA> MAK>> DBG=L H? <HLML =BL<NLL>=
:;HO>

 !BK><M
IKH=N<MBHG
I>KLHGG>E
 /:P
F:M>KB:EL
 "G>K@R
:G=
<HGLNF:;E>L

1A> <HLM I>K NGBM PBEE ;> MA> L:F> ?HK :GR F:GN?:<MNK>= NGBM H? : O>KLBHG H? MA> FH=>E L>@F>GM ;>BG@ IKH=N<>=
BG : @BO>G IE:GM %HP>O>K
BM F:R =B??>K ?KHF HG> IE:GM MH :GHMA>K >O>G B? BM BL BG MA> L:F> K>@BHG F:KD>M :G=
;>EHG@L
MH
MA>
L:F>
<HFI:GR



%!



1A>K> :K> MPH MRI>L H? HO>KA>:=
MAHL> :LLH<B:M>= PBMA MA>
A>:=JN:KM>KL :G= MAHL> <HKK>LIHG=BG@ MH MA> :LL>F;ER IE:GML
MA>FL>EO>L

1A> ?HKF>K :K> : ?BQ>= :FHNGM HG R>:KL  :G= 

:G= PBEE O:KR
:<<HK=BG@ MH MA> GNF;>K H? IKH=N<MBHG I>KLHGG>E >FIEHR>= BG MA>
<HFI:GRXL
=B??>K>GM
IE:GML
?KHF
R>:K

HG
L>>
A:IM>K


1A> E:MM>K :K> =>M>KFBG>= ;R MA> IE:GM LBS> :G= MA> GNF;>K H? LAB?ML 8
 *>GN 9 #HK MA> <:L> PA>K>
MA>
IE:GM
BL
BG:<MBO>

MA>
<HLML
:K>
MA>
L:F>
:L
?HK
HG>
LAB?M






1A>
BGBMB:E
:GGN:E
=>F:G=
?HK
G>P
<:KL
BG
>:<A
K>@BHG
BL
:L
?HEEHPL

HFI>MBMBHG ;>MP>>G <HFI:GB>L >OHEO>L =B??>K>GMER BG >:<A L>@F>GM

:G= MA> <HFI:GB>L BGOHEO>= <:G HGER
@>G>K:M> L:E>L BG MAHL> L>@F>GML PA>K> MA>R A:O> :M E>:LM HG> FH=>E &G MA>  L>@F>GML  I>K K>@BHG

K>@BHGL
FH=>EL ?KHF L>O>K:E <HFI:GB>L <:G <HFI>M>
;NM MA>K> F:R :ELH >QBLM : L>@F>GM ?HK PAB<A GHG> H?
MA> I:KMB<BI:GML A:L =>LB@G>= : FH=>E &G >O>KR <:L>
MA> FH=>EL ?KHF MA> <HFI:GB>L :EK>:=R >LM:;EBLA>= :M MA>
LM:KM H? MA> LBFNE:MBHG
:G= PAB<A <HO>K :EE MA> IHLLB;E> O>KLBHGL :G= FH=>EL
PBEE :EP:RL ;> IK>L>GM BG >O>KR
L>@F>GM
1A>L>
<HFI:GB>L
:K>
GHM
MK>:M>=
BG=BOB=N:EER

;NM
K:MA>K
:K>
MAHN@AM
H?
:L
HG>
F:<KH<HFI:GR

$EH;:E =>F:G= BG >:<A K>@BHG BL BG?EN>G<>= ;R : L>KB>L H? ?:<MHKL

:FHG@ PAB<A I>K <:IBM: BG<HF> :G= BGM>K>LM
K:M>L
8


*>GN
9
:K>
H?
I:KMB<NE:K
BFIHKM:G<>
:G=
PAB<A
F:R
O:KR
>:<A
R>:K
H?
MA>
LBFNE:MBHG

1A>
?HEEHPBG@
M:;E>
EBLML
MA>
=>F:G=
:L
:
I>K<>GM:@>
H?
MA>
GNF;>K
H?
O>AB<E>L
?HK
>:<A
L>@F>GM
:G=
F:KD>M


1A> ?HEEHPBG@ M:;E>L LI><B?R MA> I>K<>GM:@>L H? F:E> :G= ?>F:E> ;NR>KL ?HK >:<A L>@F>GM ;R INK<A:LBG@ IHP>K
)
EHP

*)
F>=BNF
EHP

*%
F>=BNF
AB@A

%
AB@A
?HK
>:<A
F:KD>M

":<A <HFI:GR PBEE L>> MA> =>F:G= @>G>K:M>= ;R >O>KR O>KLBHG LHE= BG >:<A K>@BHG BG MA> K>LNEML LA>>ML
:KL 
HFI:GB>L
K>IHKM


"##



"#

0>@F>GM:MBHG :LLNF>L MA:M
PBMABG : @KHNI H? ;NR>KL
MA>K> :K> LN;@KHNIL H? I>HIE> PBMA LBFBE:K INK<A:LBG@
A:;BML
PAB<A
=B??>K
K:=B<:EER
?KHF
MAHL>
H?
MA>
HMA>K
LN;@KHNIL

 L><HG= LM:KMBG@ ARIHMA>LBL BL MA:M MABL ;>A:OBHK

LBFBE:K PBMABG MA>
LN;@KHNI :G= =B??>K>GM ?KHF MA:M H? HMA>KL
A:L <>KM:BG H;L>KO:;E>
<A:K:<M>KBLMB<L PAB<A F:R ;> <HGLB=>K>= :L >QIE:BGBG@ MA> ;>A:OBHK
H;L>KO>= :G= MA:M HGER MA> F>F;>KL H? MA> LN;@KHNI LA:K>
HK :M E>:LM
>QAB;BM
MH
:
LB@GB?B<:GMER
=B??>K>GM
=>@K>>
?KHF
MAHL>
H?
HMA>K
LN;@KHNIL

1A>K> :K> O:KBHNL LM:MBLMB<:E M><AGBJN>L ?HK ?BG=BG@ LN<A L>@F>GML

:LLNFBG@ MA>R >QBLM :G= :K> >QIE:BG:;E> -HLBMBHGBG@ M><AGBJN>L :K> H?M>G
NL>= PAB<A :EEHP NL MH DGHP B? @BO>G H;C><ML
L>E><M>= ;>?HK>A:G=
E>:= MH
L>@F>GM:MBHG

:G=
PA:M
<A:K:<M>KBLMB<L
@BO>
KBL>
MH
LN<A
L>@F>GM:MBHG

"##
(
!

1ABL LBFNE:MBHG NL>L MA> +**0 +HG*>MKB< *NEMB=BF>GLBHG:E 0<:E> F>MAH= MAKHN@A : U0BFBE:KBMR 1>LMV :IIEB>=
MH : L:FIE> H?  I>HIE> PAH :K> ?:FBEB:K PBMA MA> <A:K:<M>KBLMB<L H? MA> O>AB<E>L NL>= BG MA>  K>@BHGL BG
JN>LMBHG 1ABL ?HEEHPL ?KHF MA> LM:M>= :LLNFIMBHG MA:M MA> F:KD>ML K>@BHGL >QAB;BM =B??>K>GM ;NRBG@ ;>A:OBHKL
PAB<A
:K>
>QIE:BG>=
;R
<>KM:BG
<A:K:<M>KBLMB<L
:L
=>KBO>=
?KHF
BGM>KIK>MBG@
MA>
=B??>K>GM
:Q>L

1A> (601 (KNLD:E

6HNG@
0A>I:K= :G= 1HK@>KLHG IKH@K:F P:L NL>=
:G= RB>E=>= MA> K>LNEML LAHPG BG MA>
?HEEHPBG@
?B@NK>


 *:3.<

87;2<276260
+*;.-
76
<1.
,1*:*,<.:2;<2,;
7/
>.12,4.;
;74-
"

1A> LMK>LL RB>E=>= ;R MA>L> F:IL BL LN??B<B>GMER EHP

LH MA> :Q>L <:G ;> NL>= MH =B??>K>GMB:M> ;>MP>>G MA>
:NMHFH;BE>LX <A:K:<M>KBLMB<L BG MA> K>LI><MBO> K>@BHGL 1A>L> <A:K:<M>KBLMB<L :K> >G@BG> MRI> @:LHEBG>=B>L>E

;:LB<
=>LB@G
:>KH=RG:FB<;HQR
:G=
LBS>
E:K@>LF:EE

&M BL >:LR MH L>> MA> L>I:K:MBHG BGMH MPH E:K@> @KHNIL + HG HG> LB=>
:G= 4" HG MA> HMA>K 1ABL =H>L GHM BFIER
MA:M
>:<A
F:KD>M
<:GGHM
;>
<HGLB=>K>=
:L
BML
HPG
L>@F>GM

1A> >QBLM>G<> H? =B??>K>G<>L HG MA> "G@BG> 1RI> $:LHEBG>!B>L>E :QBL A:L ;>>G <HG?BKF>= :G= JN:GMB?B>= ;R
HMA>K
LHNK<>L
1H
DGHP
MA>
NGBML
=>F:G=>=
;R
>G@BG>
MRI>
BG
>:<A
F:KD>M
8


*>GN
9

"##
(


0>O>K:E LMN=B>L A:O> ;>>G I>K?HKF>= :G= IN;EBLA>= BG O:KBHNL LI><B:EBS>= CHNKG:EL :G= M>QM;HHDL ?HK =>OBLBG@
IHLBMBHGBG@ F:IL ?HK =B??>K>GM F:KD>ML 1A>L> LMN=B>L :IIEB>= MA> +**0 0BFBE:KBMR 1>LM
NLBG@ =B??>K>GM FH=>EL
:L
IK>L>GM>=
MH
:
L:FIE>
H?
NL>KL
1A>
F:IL
:K>
JNBM>
LBFBE:K
:G=
<:G
;>
:IIEB>=
BGM>KG:MBHG:EER

1A>
LBFNE:MHK
?HEEHPL
MA>L>
F:IL
PBMA
LHF>
FBGHK
O:KB:MBHGL

7;2<276260
7/
-2//.:.6<
57-.4;
,75576
<7
*44
:.0276;
"

#*3.6
/:75

:..6
*6-

*:576.
1A> >LM:;EBLA>= <HFI:GB>L
:?M>K NLBG@ MA>BK F:KD>M K>L>:K<A :G= >LI><B:EER MA>BK >QI>KB>G<> =>LB@GBG@ FH=>EL

A:O> <HF> MH MA> L:F> BKK>?NM:;E> <HG<ENLBHGL L : K>LNEM

MA> BG=NLMKR :L : PAHE> A:L >LM:;EBLA>= ?HNK ;:LB<
FH=>EL
>:<A HG> :BF>= :M : =B??>K>GM L>@F>GM H? ;NR>KL
MA:M IK:<MB<:EER >G<HFI:LL MA> >GMBK> IHM>GMB:E
F:KD>M

1A> FHLM =><BLBO> >QIE:G:MHKR O:KB:;E> BL UINK<A:LBG@ IHP>KV &M A:L ?HNK E>O>EL EHP
F>=BNF EHP
F>=BNF AB@A
:G=
AB@A
1A>
FH=>EL
MA>K>?HK>
<HF>
BG
MA>L>
L:F>
?HNK
<E:LL>L

*H=>EL :K> @KHNI>= BGMH <E:LL>L ;R MA>BK LBS> :L <A:K:<M>KBS>= ;R MA>BK E>G@MA &G IK:<MB<>
MA>K>?HK>
MA> *H=>E
:G= 0>@F>GM <HG<>IML :K> NGB?B>= :G= BM BL FHK> <HGO>GB>GM MH LI>:D H? FH=>E L>@F>GM  EHP

FH=>E L>@F>GM  F>=BNF EHP

FH=>E L>@F>GM  F>=BNF AB@A :G= FH=>E L>@F>GM  AB@A 1ABL E:LM
L>@F>GM
A:L
GHM
;>>G
K>IK>L>GM>=
BG
MABL
LBFNE:MHK
%>G<>

BM
LAHNE=
GHM
;>
<HGLB=>K>=

&M LAHNE= ;> GHM>= MA:M : FH=>E BL GHM =>?BG>= ;R CNLM HG> E>G@MA K:MA>K
>:<A FH=>E
BG HK=>K MH ;> <E:LLB?B>= BG
: L>@F>GM
FNLM ?:EE PBMABG : K:G@> H? E>G@MAL 1ANL
PBMABG HG> L>@F>GM MA>K> :K> FH=>EL MA:M O:KR PB=>ER BG

LBS> E>G@MA
PB=MA :G= A>B@AM 1A> FH=>E <:G MANL ;> M:BEHK>= MH >:<A @>H@K:IAB< K>@BHGL U;:LB< =>LB@GV
M:LM>L

==BMBHG:EER
MA> BG=NLMKR
BG :=A>KBG@ MH MA> LI:<> <HGLMK:BGML =B<M:M>= ;R MA> <A:LLBL
A:L =>LB@G>= <HFI:<M
:G= L>=:G FH=>EL &G LH =HBG@ BM A:L >LM:;EBLA>= : <HFI:KMF>GM =>LB@G
MA> L>=:G
:G= : <HFI:KMF>GM
=>LB@G

MA>
<HFI:<M

&G @>G>K:E
FH=>EL L>@F>GML  :G=  :K> F:GN?:<MNK>= :L <HFI:<ML :G= FH=>E L>@F>GM  BL NLN:EER : L>=:G
MAHN@A F:GR <HFI:GB>L H??>K L>=:GL PBMABG L>@F>GM  :G= <HFI:<ML PBMABG L>@F>GM  &M BL MABL <A:K:<M>KBLMB<
PAB<A K>LNEML BG MA> IHLBMBHGBG@ F:IXL AHKBSHGM:E :QBL :G= PAB<A A:L ;>>G BGM>KIK>M>= :L K>IK>L>GMBG@ : FHK> HK
E>LL
LIHKMR
=>LB@G
;>BG@
<HFI:<M
MA>
LIHKMB>LM

+H <A:K:<M>KBLMB< A:L ;>>G ?HNG= :FHG@ ;NR>KL MH >QIE:BG MA> <HFI:<ML>=:G ;NRBG@ ;>A:OBHK 1ABL ?HEEHPL
?KHF
MA>
BG:;BEBMR
MH
H;M:BG
:
LM:MBLMB<:EER
LB@GB?B<:GM
<ABLJN:K>
M>LM

M :GR K:M> MA> LBFNE:MHK <HGLB=>KL L>@F>GM FH=>EL MH ;> L>=:GL :G= L>@F>GM FH=>EL MH ;> <HFI:<ML
1ABL
BL
K>?E><M>=
BG
MA>
F:I
LAHPG
BG
MA>
IK>OBHNL
?B@NK>

#BG:EER
BG F:DBG@ RHNK <HFI:GRXL =><BLBHGL
GHM> MA:M MA> LBFNE:MHK <HGLB=>KL MAK>> FH=>E MRI>L
>:<A HG>
:MM>G=BG@ MAK>> F:KD>M L>@F>GML BG >:<A K>@BHG 1A> L>@F>GM:MBHG NL>L ?HNK E>O>EL H? INK<A:LBG@ IHP>K :L BML
?NG=:F>GM:E >QIE:G:MHKR O:KB:;E> GHMA>K >QIE:G:MHKR O:KB:;E> PBMA LB@GB?B<:GM =BL<KBFBG:MHKR IHP>K BL @>G=>K

:L
MA>
<ABLJN:K>
M>LM
<HG?BKFL

M MA> LM:KM H? MA> LBFNE:MBHG >Q>K<BL> MA> >LM:;EBLA>= <HFI:GB>L :K> F>>MBG@ :EE MA> =>F:G= BG :EE K>@BHGL

>G<HFI:LLBG@
MA>
MHM:EBMR
H?
MA>
MAK>>
L>@F>GML

"##
(
%!""

1A> EHP>G= FH=>EL :BF MH :MMK:<M ;NR>KL PBMA : EHP INK<A:LBG@ IHP>K
MAHN@A BG ?:<M GHM :EE MAHL> PAH ;NR 0
FH=>EL A:O> : EHP INK<A:LBG@ IHP>K
BGLM>:= <HFBG@ ?KHF :EE  @KHNIL MAHN@A MA> F:CHKBMR =H A:O> : )
INK<A:LBG@
IHP>K
1A>
L:F>
<:G
;>
L:B=
?HK
MA>
HMA>K
FH=>EL

F>=BNF
EHP

F>=BNF
AB@A

>M<

1ABL A:L E>= MA> BG=NLMKR MH ;NBE= :G= F:KD>M MPH HK FHK> O>KLBHGL ?HK >:<A FH=>EL>@F>GM :BF>= :M MA>
LN;L>@F>GML PBMA FHK> HK E>LL INK<A:LBG@ IHP>K 1A> LN;L>@F>GML BG JN>LMBHG :K> LAHPG HG MA> M:;E>L HG I
 :G= :EEHP ?HK :G :G:ERLBL H? >:<A L>@F>GMXL <HFIHLBMBHG 1A>  E>O>EL H? INK<A:LBG@ IHP>K L>KO> :L MA> D>R
L>@F>GM:MBHG
O:KB:;E>
:G=
@>G=>K
:L
BG=B<:M>=
:;HO>
:L
MA>
O:KB:;E>
PBMA
LN??B<B>GM
=BL<KBFBG:MBG@
IHP>K

#BG:EER BM BL O>KR BFIHKM:GM MH D>>I BG FBG= MA:M GH O:KB:;E> <:G LB@GB?B<:GMER >QIE:BG MA> IK>?>K>G<>L HO>K >G@BG>
MRI> @:LHEBG> HK =B>L>E 1A> K>LNEM BL MA:M BG :GR L>@F>GM HK LN;L>@F>GM
MA> K:MBH H? @:LHEBG> MH =B>L>E ;NR>KL
BL
MA>
L:F>
:L
BG
MA>
F:KD>M K>@BHG
:L
:
PAHE>


 

!$#

(

NMHFH;BE> FH=>EL :K> LN;C><M MH MA> F:KD>MBG@ IA>GHF>GHG DGHPG :L UIKH=N<M EB?> <R<E>V  LBFBE:K
IA>GHF>GHG
H<<NKL
PHKE=PB=>
BGOHEOBG@
UFH=>EL
V
GHM
UIKH=N<MLV

G >FIBKB<:E K>OB>P H? =:M: ?KHF L><HG=:KR LHNK<>L <HG?BKFL MA> IA>GHF>GHGXL >QBLM>G<> PHKE=PB=> BG >O>KR
F:KD>M K>@BHG EMAHN@A MA>K> :K> LHF> FBGHK =B??>K>G<>L :G= PBMA : ?>P >Q<>IMBHGL =N> MH BG?EN>G<BG@
F:KD>MBG@
LMK:M>@B>L

:
FH=>EXL
:O>K:@>
EB?>
<R<E>
BL
:L
LAHPG
BG
MA>
?HEEHPBG@
@K:IA

1ABL AHE=L ?HK :GR @>H@K:IAB< K>@BHG :G= :GR FH=>E :G= BL HGER <A:G@>= HG> P:R HK MA> HMA>K ;R F:KD>MBG@
=><BLBHGL

>.:*0.
8:7-=,<
42/.
,A,4.
/7:
*
57-.4

1A>
O>KMB<:E
:QBL
BL
MA>
K:MBH
H?
MA>
NGBML
=>F:G=>=
>:<A
R>:K
MH
MA>
NGBML
=>F:G=>=
MA>
BGBMB:E
FH=>E
R>:K




%!#"



6HNK <HFI:GR FNLM NG=>KM:D> :=O>KMBLBG@ :BF>= :M IKHFHMBG@ RHNK ;K:G= BG : @BO>G @>H@K:IAB< K>@BHG (>>I BG
FBG=
MA:M
MA>
>??><ML
H?
:G
:=O>KMBLBG@
BGO>LMF>GM
@H
;>RHG=
HG>
R>:K

1A>
=><BLBHGL
MH
;>
F:=>
?HK
MA>L>
;K:G=
:=L
:K>

 0>E><M
MA>
F>=B:
O>AB<E>L
MH
;>
NL>=

 0I><B?R
MA>
GNF;>K
H?
:=L
I>K
R>:K

 0>E><M
MA>
<:FI:B@G

1A>K> :K> M>G =B??>K>GM F>=B: O>AB<E>L :O:BE:;E> BG >:<A F:KD>M K>@BHG
>:<A PBMA BML HPG BGL>KMBHG IKB<> 8

 *>GN 9
?HK RHN MH NL> :M RHNK =BL<K>MBHG 1H LBFIEB?R MA> =BL<NLLBHG
>:<A F>=B: O>AB<E> A:L :G
:;;K>OB:MBHG
:LLH<B:M>=
PBMA
BM
:L
LAHPG

1H >O:EN:M> >:<A O>AB<E>XL >??><MBO>G>LL BG K>:<ABG@ MA> =B??>K>GM L>@F>GML :G= LN;L>@F>GML
>:<A F>=BNFXL
<HO>K:@>
BL
EBLM>=
;>EHP
;R
F:KD>M

1A> ?HEEHPBG@ M:;E>L LAHP MA> I>K<>GM:@> H? MA> :NMHFH;BE>;NRBG@ IHINE:MBHG
:<<HK=BG@ MH INK<A:LBG@ IHP>K
:G= @>G=>K
K>:<A>= ;R >:<A F>=BNF 1A> 

 :G=  K>?>K MH EHP
F>=BNF EHP
F>=BNF AB@A :G= AB@A
INK<A:LBG@
IHP>K

K>LI><MBO>ER
1A>
*
K>?>KL
MH
F>G
:G=
MA>
#
MH
PHF>G

6HN FNLM :ELH =><B=> ?KHF :FHG@ MA> MP>GMR =B??>K>GM <HKIHK:M> :=O>KMBLBG@ <:FI:B@GL =>L<KB;>= BG MA>
:II>G=BQ
:L B? MA>R P>K> IK>L>GM>= MH RHN ;R :G :=O>KMBLBG@ :@>G<R :G= RHN A:= MH <AHHL> HG> H? MA>F 6HN
F:R
<A:G@>
MA>
<:FI:B@G
>:<A
R>:K
:G=
BM
<:G
;>
=B??>K>GM
?HK
>:<A
K>@BHG

(>>I BG FBG= PA:M MA> >LM:;EBLA>= <HFI:GB>L BGO>LM BG >:<A F:KD>M 8

 *>GN 9 1A> ?B@NK>
:II>:KBG@ BG MA>
 I:@> BL MA> MHM:E >QI>G=BMNK> BG :=O>KMBLBG@ ;R >:<A H? MAHL> <HFI:GB>L BG
:=O>KMBLBG@
BG
>:<A
K>@BHG



#!"

!##
"#"

#!"

!>EBO>KBG@ MA> O>AB<E>L ?KHF IE:GML MH =>:E>KL BGOHEO>L <>KM:BG <HLML 8
 *>GN 9 PAB<A :K> MA> MHM:E
=HHK MH =HHK <HLML LABIIBG@
BGLNK:G<>
<NLMHFL <E>:K:G<>
>M<
;NM GHM BG<EN=BG@ BFIHKM M:KB??L ?HK MA> F:KD>M
H?
>GMKR
BG
MA>
<:L>
H?
BGM>KG:MBHG:E
LABIF>GML

1A> M:KB??L <HLM BL : I>K<>GM:@> L>> MA> M:;E> ;>EHP H? MA> =>:E>K
BGOHB<>
!&

1A> !&
MA> IKB<> <A:K@>= MH MA> =>:E>K ;R MA> F:GN?:<MNK>K
BL MA>
*0/-
FBGNL
M:Q>L

EE
LABIIBG@
:G=
M:KB??
<HLML

B?
:GR

:K>
I:B=
;R
MA>
F:GN?:<MNK>K

1A> :IIEB<:;E> I>K<>GM:@>L

=>I>G=BG@ HG MA> K>@BHGL BGOHEO>= BG MA>
LABIIBG@

:K>



!"

6HNK <HFI:GR FNLM >LM:;EBLA MA> *0/- *:GN?:<MNK>KL LN@@>LM>=
K>M:BE IKB<> MH <A:K@> MA> >G= <NLMHF>K 1ABL BL MA> :<MN:E :FHNGM MH
;>
<A:K@>=

MA>
?BG:E
IKB<>

+HM> MA> LBFNE:MBHG :LLNF>L MA> ?BG:E IKB<> I:B= ;R MA> <HGLNF>K BL
MA>
*0/-

1ABL IKB<> BG<EN=>L MA> L:E>L M:Q HG MA> O>AB<E>

PAB<A =B??>KL ;R K>@BHG
8


*>GN
9

 IKB<> ?HK >:<A O>KLBHG FNLM ;> >LM:;EBLA>= ?HK >O>KR O>AB<E> LHE= BG
:
@BO>G
K>@BHG

6HN
LAHNE=
:ELH
<HGLB=>K
MA>
:O>K:@>
*0/-
L>M
;R
MA>
>LM:;EBLA>=
<HFI:GB>L
8


*>GN
9

1A> !& IKB<> F>GMBHG>= BG MA> M:KB?? <:E<NE:MBHG BL MA> IKB<> MA> F:GN?:<MNK>K <A:K@>L MA> =>:E>K
:G= BL >JN:E
MH
MA>
*0/-
FBGNL
M:Q>L


 





 
!





&G MA> &G<HF> 0M:M>F>GM RHN K><>BO> :M MA> >G= H? MA> K>IHKMBG@ I>KBH=
MA> !& PBEE ;> NL>= MH <:E<NE:M> MA> MHM:E
O>AB<E>
L:E>L

#KHF MABL :FHNGM : L>I:K:M> >GMKR PBEE ;> NL>= MH K>?E><M MA> F:K@BG <A:K@>= ;R =BLMKB;NMHKL
<:K =>:E>KL
?HK
L>EEBG@ RHNK <HFI:GRL :NMHFH;BE>L 1ABL F:K@BG PBEE ;> : ?BQ>= I>K<>GM:@>
 H? RHNK <HFI:GRL L:E>L
PBMAHNM
M:Q>L
BG
>O>KR
F:KD>M

 
!

!#
"
!" "#(
"!

1A> F:GN?:<MNK>KLX <HKIHK:M> LH<B:E K>LIHGLB;BEBMR LMK:M>@R
HK 0/
<:G BG<HKIHK:M>
:G "GOBKHGF>GM:E *:G:@>F>GM 0RLM>F
"*0
:G BFIHKM:GM :LI><M BG MA> BG=NLMKR BG
JN>LMBHG

1ABL LRLM>F BGOHEO>L <K>:MBG@ : =BOBLBHG PBMABG MA> <HFI:GR

NG=>K MA> :NLIB<>L H?
MA> IKH=N<MBHG =>I:KMF>GM
PA>K> : M>:F H? >G@BG>>KL PBEE ;> <A:K@>= PBMA L>MMBG@
NI

KNGGBG@

<HHK=BG:MBG@
:G=
<HGMKHEEBG@
MA>
"*0

&ML H;C><MBO> BL MH MK>:M :G= K><R<E> MA> LHEB=

EBJNB= :G= @:L>HNL P:LM> @>G>K:M>=
:L
P>EE
:L
MH
K><E:BF
:G=
MK>:M
O>AB<E>L
PBMA=K:PG
?KHF
MA>
F:KD>M

6HN
FNLM
=><B=>
AHP
FN<A
FHG>R
MH
:EEH<:M>
MH
MA>
"*0


&!!#(

!

!"

1A> <HLM H? K>I:BKL NG=>K P:KK:GMR F:=> ;R MA> =>:E>KL BL GHM <A:K@>= MH MA> <NLMHF>K
;NM K:MA>K I:LL>= HG MH
MA>
F:GN?:<MNK>K
1ABL
K>IK>L>GML
:G
:==BMBHG:E
>QI>GL>
?HK
MA>
<HFI:GB>L

1A> :FHNGM H? MA>L> >QI>GL>L PBEE =>I>G= HG MA> P:KK:GMR I>KBH=

PAB<A <:G ;> 


 HK  R>:KL 1ABL
I>KBH= F:R O:KR ;R K>@BHG :G= BL L>M ;R RHN &G @>G>K:E M>KFL
MA>L> >QI>GL>L F>:G  H? :GGN:E O>AB<E>
L:E>L
:G=
PBEE
;>
:IIEB<:;E>
MAKHN@AHNM
MA>
P:KK:GMR
I>KBH=

1A>L> >QI>GL>L LMBEE :IIER >O>G B? : O>AB<E> BL INEE>= HNM ?KHF : @BO>G
F:KD>M

,G MA> &G<HF> 0M:M>F>GM MA>L> >QI>GL>L :K> M:EEB>= BG : L>I:K:M> >GMKR

<:EE>=
"


GHMA>K LHNK<> H? BG<HF> BL K>IE:<>F>GM I:KML LHE= MH =>:E>KL :M :

F:KDNI ;R RHNK <HFI:GR :G= PAB<A RHNK <HFI:GR
BG MNKG

F:GN?:<MNK>L HK ;NRL ?KHF :G >QM>KG:E LNIIEB>K

MANL :<MBG@ :L MA>
BGM>KF>=B:KR :G= >:KGBG@ : <>KM:BG I>K<>GM:@>
PAB<A PBEE ;> MA> L:F> BG
>O>KR
K>@BHG
1ABL
BL
MK>:M>=
:L
BG<HF>
HG
MA>
&G<HF>
0M:M>F>GM

1A> L:E>L H? K>IE:<>F>GM I:KML PBEE =>I>G= HG MA> :GGN:E O>AB<E> L:E>L OHENF> BG >:<A K>@BHG :G= HG MA>
GNF;>K H? R>:KL MA> <HFI:GB>L A:O> ;>>G HI>K:MBG@ BG MAHL> K>@BHGL 1A> BG<HF> ?KHF MABL :<MBOBMR BL HG MA>
HK=>K
H?

H?
:GGN:E
L:E>L
H?
G>P
O>AB<E>L
1ABL
:FHNGM
BL
:IIEB<:;E>
?HK
MA>
L:E>L
H?
MA>
E:LM

R>:KL


1A>
<HLM
?HK
K>IE:<>F>GM
I:KML
BL
:IIKHQBF:M>ER

H?
MA>
IKB<>
<A:K@>=
MH
MA>
=>:E>KL

1A>
F>GMBHG>=
:;HO>
H<<NKL
BG
:
LBFBE:K
F:GG>K
?HK
>O>KR
K>@BHG

 F:GN?:<MNK>K <:GGHM LMHI L>EEBG@ K>IE:<>F>GM I:KML :G= AHGHKBG@ P:KK:GMB>L >O>G B? BM INEEL HNM ?KHF : <>KM:BG
K>@BHG


""


!#"

0:E>L IKHFHMBHGL ;R P:R H? K>;:M>L <:G ;> H??>K>= BG : @BO>G K>@BHG ?HK :GR =>LBK>= FH=>E 1A> O:KB:;E>L MH ;>
LI><B?B>=
BG
MA>
LBFNE:MHK
:K>

 />;:M>
:FHNGM
GHM
:L
:
I>K<>GM:@>
H?
*0/-
I>K
NGBM

 1BF>

BG
FHGMAL

MA>
IKHFHMBHG
PBEE
E:LM

 *H=>E
:G=
O>KLBHG
MH
PAB<A
MA>
K>;:M>
:IIEB>L
BG
MA>
F:KD>ML
PA>K>
BM
BL
;>BG@
H??>K>=

1A>
<HLM
H?
MA>L>
IKHFHMBHGL
PBEE
;>
<A:K@>=
MH
MA>
F:GN?:<MNKBG@
<HFI:GRXL
BG<HF>
LM:M>F>GM


!
#



6HN <:G =><B=> MH A:O> : ?:<MHKR K:<BG@ M>:F <HFI>M> BG #HKFNE: 
MA> +:MBHG:E LLH<B:MBHG ?HK 0MH<D :K
NMH
/:<BG@
+0 /
:G=
MA>
&G=R
/:<BG@
)>:@N>
&/)

1A> M>:F :EP:RL M:D>L : R>:K MH IK>I:K> ?HK <HFI>MBMBHG

F>:GBG@ MA:M B? RHN
=><B=> MH <HFI>M> BG R>:K M
BM PBEE LM:KM K:<BG@ BG R>:K M  :G= BML <HLM PBEE H<<NK
BG R>:K M  &G MA> L:F> P:R
B? MA> K:<BG@ M>:F BL =BL<HGMBGN>= MABL =><BLBHG
PBEE
;>
>??><MBO>
:?M>K
HG>
R>:K

1A>
:GGN:E
<HLM
BL
HG
MA>


I:@>
8


*>GN
9

-:KMB<BI:MBG@ BG MA>L> LIHKMBG@ >O>GML @>G>K:M>L :II>:K:G<>L BG MA> F>=B: HNME>ML

LN<A :L /+,
13+
+$"

+0- :G= *1 1ABL BL >JNBO:E>GM MH

:G= BL CNLM :L >??B<B>GM :L
<HGO>GMBHG:E :=O>KMBLBG@
MA> =B??>K>G<> ;>BG@
MA:M
BM
>QM>G=L
MH
>O>KR
@>H@K:IAB<
K>@BHG
:G=
>O>KR
LHE=
FH=>E
:G=
A:L
GH
:==>=
>QI>GL>
?HK
MA>
<HFI:GR

0HF>  :II>:K:G<>L BG >:<A F:KD>M :K> >LMBF:M>= ?HK >:<A H? MA> F>=B: BG=B<:M>= &ML >??><M BL :==>= MH MA:M
?KHF
<HGO>GMBHG:E
:=O>KMBLBG@


 
(!"






1A>
?BKLM
MPH
R>:KL
BG
MA>
LBFNE:MBHG
:K>
LI><B:E
:G=
K>JNBK>
:
EBFBM>=
GNF;>K
H?
=><BLBHGL

6HN
FNLM
=>M>KFBG>
MA>
?HEEHPBG@

 6>:K


 4A>K>
MH
A>:=JN:KM>K
RHNK
<HFI:GR

 4AB<A FH=>EL MH =>O>EHI  F:QBFNF :G= MA> L>@F>GM

;R
LI><B?RBG@
MA>
E>G@MA

PB=MA
:G=
A>B@AM

 6>:K


 4AB<A
FH=>E
MH
=>O>EHI

:M
FHLM
?KHF
MABL
R>:K
HG
:G=
MA>
L>@F>GM
E>G@MA

PB=MA
:G=
A>B@AM

 4AB<A
O>KLBHGL
MH
=>O>EHI
?KHF
MA>
FH=>EL
=><B=>=
HG
BG
MA>
IK>OBHNL
R>:K

 4A>K> MH ;NBE= MA> :LL>F;ER IE:GML  F:QBFNF :G= MA>BK LBS> ;R LI><B?RBG@ MA> <:IBM:E
>QI>G=BMNK>

1:D> BGMH :<<HNGM MA:M :L BG K>:E EB?>

=><BLBHGL M:D>G ;R MA> I:KMB<BI:GML HG MA> ?BKLM MPH R>:KL PBEE ;> IN;EB< :G=
MA>K>?HK> DGHPG ;R MA> K>LM H? MA> I:KMB<BI:GML 1ABL PBEE F:D> IHLLB;E> MA:M <HFI:GB>L LM:KM R>:K  ?:<BG@ KBLDL
K:MA>K
MA:G
NG<>KM:BGMR

#KHF R>:K  :G= HG

=><BLBHGL PBEE ;> F:=> HG :EE F:G:@>F>GM :K>:L &G HK=>K MH F:D> >:LB>K MA> BGMKH=N<MBHG
H? =:M: BGMH MA> LBFNE:MHK
F:GR H? MA> =><BLBHGL M:D>G BG : <>KM:BG R>:K PBEE <:KKB>= HO>K
;R =>?:NEM
MH MA>
?HEEHPBG@
R>:KL
=><BLBHG
LA>>ML

#HK >Q:FIE>
=><BLBHGL HG IKB<>L :G= IKHFHMBHGL M:D>G HG R>:K  PBEE ;> <:KKB>= HO>K MH R>:K  ;R =>?:NEM
%>G<>
RHN PBEE G>>= MH BGMKH=N<> G>P ?B@NK>L HGER B? RHN PBLA MH F:D> <A:G@>L 1A>K> PBEE ;> HMA>K =><BLBHGL

AHP>O>K
MA:M PBEE A:O> MH ;> BGMKH=N<>= >O>KR R>:K
LBG<> MA> ?B@NK> :II>:KBG@ ;R =>?:NEM HG MA> =><BLBHGL
LA>>ML
PBEE
;>
S>KH
1A>L>
:K>

 #BG:G<B:E
=><BLBHGL
I:RF>GM
I>KBH=
?HK
LNIIEB>KL

?BG:G<B:E
BGO>LMF>GML

EBG>L
H?
<K>=BM
:G=
EH:GL
 2GBML
H?
K:P
F:M>KB:EL
MH
;>
;HN@AM
I>K
L>@F>GM
 4:KK:GMR
I>KBH=
 &GO>LMF>GM
BG
"GOBKHGF>GM:E
*:G:@>F>GM
0RLM>FL
 /:<BG@
M>:F
 *:KD>M
K>L>:K<A
LNKO>RL


 


!#
"


1A> HI>K:MBG@ <:LA G>>=>= U, +V BL MA> :FHNGM H? <:LA MA:M MA> <HFI:GR FNLM A:O> BG MA> :LA :G=
"JNBO:E>GML :<<HNGM :M MA> ;>@BGGBG@ H? >:<A I>KBH= BG HK=>K MH ;> :;E> MH BFIE>F>GM MA> IE:G ?HK MA:M <HFBG@
I>KBH=
1A>
LBFNE:MHK
<HGLB=>KL
RHNK
IE:G
:G=
>LMBF:M>L
:<<HNGML
I:R:;E>
:G=
K><>BO:;E>

1ABL
O:EN:MBHG
<:G
;>
?HK><:LM>=
;R
MA>
<HFI:GR
NLBG@
MA>
?HEEHPBG@
KNE>

 
H?
MA>
G>P
BGO>LMF>GM
BG
?BQ>=
:LL>ML

 
H?
MA>
MHM:E
H?
MA>
?HEEHPBG@
>QI>GL>L

 1HM:E
K:G=
=O>KMBLBG@
>QI>GL>L

 /:<BG@
1>:F
>QI>GL>L

  H? MA> HO>KA>:= >QI>GL>L H? A>:=JN:KM>KL :G= :LL>F;ER

IE:GML

 
H?
MA>
MHM:E
>QI>GL>
H?
=BK><M
IKH=N<MBHG
PHKD?HK<>
PBMAHNM
:==BG@
IKH=N<MBHG
BG<>GMBO>L

  H? MA> IK>=B<M>= >QI>GL>

:M BGBMB:E IKB<>L
H? K:P F:M>KB:EL .N:GMBMR =BL<HNGML HK I:RF>GM M>KFL PBEE
GHM
;>
<HGLB=>K>=
BG
MABL
<:E<NE:MBHGL

1A> LNF H? 


 :G=  FNLM ;> >JN:E MH HK E>LL MA:G MA> :O:BE:;E> :LA  :LA :G= "JNBO:E>GML :<<HNGM &?
MA>
MHM:E
:FHNGM
BL
@K>:M>K
MA:G
MA>
:LA

MA>
<HFI:GR
A:L
MPH
HIMBHGL

 />JN>LM
:
EH:G
?HK
MA>
=B??>K>G<>

 />=N<> :G= HK >EBFBG:M> BM>FL 



 :G= HK  :L G><>LL:KR BG HK=>K MH F:D> MA> MHM:E <HG?HKF MH MA>
>QBLMBG@
:LA

1A> I>K<>GM:@>L NL>= BG MABL KNE> <:G ;> FH=B?B>= 0AHNE= MABL A:II>G
RHN PBEE ;> IK>OBHNLER BG?HKF>= ;R MA>
LBFNE:MBHG
!BK><MHK

1A>
<:LA
:FHNGM
BG
JN>LMBHG
:IIEB>L
MH
':GN:KR
G=

MA:M
BL

MA>
HG>
K><>BO>=
HG
!><>F;>K
LM

FBGNL

& )H:G
:FHKMBS:MBHGL
MH
;>
I:B=
HG
':GN:KR
G=

&& K>=BM
I:B=
;:<D
?HK
MA>
:FHNGM
=K:PG

LI><B?B>=
BG
)BG>L
H?
K>=BM

&&& <<HNGML
I:R:;E>

LI><B?B>=
BG
1K:=>
K>=BMHKL

:G=
:==BG@

&3 #BG:G<B:E
BGO>LMF>GML

&? MA> , + :FHNGM BL AB@A>K MA:G MA> :FHNGM ?HK><:LM ?HK ':GN:KR G=
MA> LBFNE:MHK PBEE K>JN>LM : EH:G ?HK MA>
<HFI:GR ?HK MA> =B??>K>G<> &? MA> , + :FHNGM BL EHP>K
MA> <HFI:GR <:G NL> MA> :LA 0NKIENL  0 BG
BGO>LMF>GML
:G= HK
MH
IK>I:R
EH:GL






1A> LBFNE:MBHG =H>L GHM :EEHP :GR BG<K>:L> BG >JNBMR 1A> >QM>KG:E LHNK<>L ?HK ?BG:G<BG@ :LL>ML :K> EH:GL :G=
EBG>L H? <K>=BM ?KHF ?BG:G<B:E BGLMBMNMBHGL :G= K:P F:M>KB:EL LNIIEB>KL &GO>LMF>GM BG :LL>F;ER IE:GML
M><AGB<:E
?:<BEBMB>L

=>LB@GBG@
H?
FH=>EL
:G=
>G@BG>>KBG@
IKH<>LL>L
:K>
I:B=
?HK
BG
<:LA

!>E:RBG@ I:RF>GM MH LNIIEB>KL PBEE @>G>K:M> ?BG:G<B:E K>LHNK<>L :G=

MABL
PBEE
<:NL>
MA>
<HNGM>K;:E:G<>
H?
:
AB@A>K
K:P
F:M>KB:E
NGBM
<HLM

HFI:GB>L PBEE K><>BO>

MH@>MA>K PBMA F:KD>M K>L>:K<A K>LNEML
MA>BK
#BG:G<B:E 0M:M>F>GML &G<HF> 0M:M>F>GM
:E:G<> 0A>>M :G= :LA
#EHP
0M:M>F>GM

?HK
>:<A
R>:K

1A> :LA :G= "JNBO:E>GML :<<HNGM <:G ;> G>@:MBO>

BG PAB<A <:L> BM
BL <HFINELHKR
MH K>JN>LM : :GD EH:G ?HK MA:M G>@:MBO> :FHNGM 1ABL
EH:G
BL
@K:GM>=
BG
HK=>K
MH
INM
MA>
:<<HNGM
:M
S>KH

I:KM ?KHF MABL F:G=:MHKR EH:G

MA> <HFI:GR <:G =><B=> MH K>JN>LM EH:GL :M :GR FHF>GM
>O>G B? MA> :LA
;:E:G<>
BL
IHLBMBO>
2LN:EER

LN<A
EH:GL
PHNE=
;>
NL>=
?HK
BGO>LMF>GM
BG
?BQ>=
:LL>ML

HFI:GB>L LAHNE= K>JN>LM EH:GL B? G>>=>= MH <HFIER PBMA MA> , + &? MA> <HFI:GR =H>L GHM F:D> : K>JN>LM

MA>
LBFNE:MHK
PBEE
=H
BM

1A> LBFNE:MBHG !BK><MHK PBEE L>M MA> F:MNKBMR H? ;:GD EH:GL :L P>EE :L MA> :IIEB<:;E> BGM>K>LM K:M> :G= MA>
=B??>K>GM ?>>L MH ;> :IIEB>= 1ABL ><HGHFB< :G= ?BG:G<B:E =:M: PBEE ;> IKHOB=>= BG MA> LBFNE:MBHG P>; :G= PBEE ;>
LAHPG BG MA> &G?HKF:MBHG 8
 *>GN 9 &M BL O>KR BFIHKM:GM MA:M PA>G>O>K RHN :<<>LL MA> LBFNE:MBHG
P>;
RHN
LMN=R
MABL
BG?HKF:MBHG
:L
BM
F:R
O:KR
?KHF
R>:K
MH
R>:K

)H:G :FHKMBS:MBHG PBEE :EP:RL ;> <:KKB>= HNM LH MA:M >:<A R>:K
>Q<>IM MA> R>:K BG PAB<A MA> EH:G BL K>JN>LM>=
L>>   
 
MA> <HFI:GR K>MNKGL : IHKMBHG H? MA> IKBG<BI:E HP>= :M MA>
;>@BGGBG@ H? MA> R>:K 1A> F:MNKBMR H? MA> EH:G :G= MA> :IIEB<:;E> BGM>K>LM K:M> PBEE ;> L>M ;R MA> LBFNE:MBHG
!BK><MHK &? : G>P M>KF HK K:M> BL L>M
BM PBEE ;> :IIEB>= MH MA> G>P EH:GL :G= MH MA> =>;M MA:M MA> <HFI:GB>L HP>
:M
MA:M
FHF>GM

1A> >LM:;EBLA>= :FHKMBS:MBHG BL =HG> :NMHF:MB<:EER ;R MA> LBFNE:MHK

:G= RHN FNLM GHM LI><B?R :GRMABG@ K>E:MBG@
MH
BM
BG
MA>
!><BLBHGL
0A>>ML

6HN <:G L>MME> MA> =>;M

?NEER HK I:KMB:EER
;>?HK> MA> L>M F:MNKBMR =:M>
:G= LAHNE= RHN PBLA MH =H LH
RHN FNLM

LI><B?R MA> =>;M MH L>MME> HG MA> ?B>E= <:EE>= U)H:GL -K>I:RF>GMV 1H ;> :;E> MH =H BM
MA> <HFI:GR FNLM A:O>
:LA 0NKIENL  0 BG MA> :LA :G= "JNBO:E>GML :<<HNGM 1A> LNKIENL <:G ;> NL>= MH L>MME> :GR HNMLM:G=BG@
EH:GL


"

!#



)BG>L H? K>=BM <:G ;> <HGMK:<M>= PBMA : ;:GD BG :GMB<BI:MBHG H? <:LA
IKH;E>FL 1A> ;:GD PBEE <A:K@> MA> L:F> NI?KHGM ?>> :L ?HK : EH:G
:G= MPH BGM>K>LM K:M>L
HG> MH ;> :IIEB>= MH MA> :FHNGM GHM =K:PG
L>KOB<> ?>> :G= :GHMA>K MH ;> :IIEB>= MH MA> :FHNGM H? MA> <K>=BM
=K:PG 1ABL ><HGHFB< :G= ?BG:G<B:E =:M: PBEE ;> IKHOB=>= BG MA>
LBFNE:MBHG P>; :G= PBEE ;> LAHPG BG MA> &G?HKF:MBHG 8

*>GN 9 &M BL O>KR BFIHKM:GM MA:M PA>G>O>K RHN :<<>LL MA>
LBFNE:MBHG P>; MABL BG?HKF:MBHG LAHNE= ;> LMN=B>= :L BM F:R O:KR
?KHF
R>:K
MH
R>:K

)BG>L H? K>=BM E:LM ?HK HG> R>:K

;NM <:G ;> K>JN>LM>= ?KHF MA> ;:GD >O>KR R>:K
?HK MA> =NK:MBHG H? MA>
LBFNE:MBHG

1A> :FHNGM =K:PG PBEE ;> LM:M>= HG RHNK :E:G<> 0A>>M HG !><>F;>K  LM :G= MA> LBFNE:MHK PBEE ?HK>L>> MA:M
MA>
<K>=BM
BL
<HKK><M>=
MH
S>KH
:M
MA>
;>@BGGBG@
H?
MA>
?HEEHPBG@
R>:K



%"##"



&? RHN A:O> :LA 0NKIENL  0
MABL :FHNGM <:G ;> NL>= MH =>IHLBM MA>
FHG>R ?HK HMA>K ?BG:G<B:E BGO>LMF>GML ?HK : I>KBH= H? HG> R>:K 1A> K>MNKG
MA>L> :IIEB<:MBHGL IKHOB=> PBEE =>I>G= HG MA> :FHNGM BGO>LM>= :G= MA>
BGM>K>LM
K:M>
:IIEB<:;E>
1A>
LBFNE:MBHG
!BK><MHK
PBEE
IKHOB=>
MA>L>
=>M:BEL

1A> :FHNGM BGO>LM>= PBEE :II>:K HG MA> ULL>MLV LB=> H? MA> :E:G<> 0A>>M
:G=
PBEE
;>
<:LA>=
HG
MA>
?BKLM
=:R
H?
MA>
?HEEHPBG@
R>:K

&? <:LA IKH;E>FL :KBL> :G= EBJNB=BMR BL G>>=>=

MA> LBFNE:MHK PBEE <:G<>E MA>
BGO>LMF>GM :G= MA> ;:GD PBEE <A:K@> MA> <HKK>LIHG=BG@ >:KER PBMA=K:P:E
?>>
?HK
MABL
MRI>
H?
HI>K:MBHGL

1ABL ><HGHFB< :G= ?BG:G<B:E =:M: PBEE ;> IKHOB=>= BG MA> LBFNE:MBHG P>; :G= PBEE ;> LAHPG BG MA> &G?HKF:MBHG 8
&G?HKF:MBHG *>GN 9 &M BL O>KR BFIHKM:GM MA:M PA>G>O>K RHN :<<>LL MA> LBFNE:MBHG RHN LMN=R MABL BG?HKF:MBHG :L
BM
F:R
O:KR
?KHF
R>:K
MH
R>:K


 
!#
!"!



HFI:GB>L <:G <:KKR HNM F:KD>M K>L>:K<A ;R <HFFBLLBHGBG@ MABL ?KHF : LI><B:EBS>= BGLMBMNM>  1A> MRI> H?
BG?HKF:MBHG
H;M:BG>=

BL
:L
?HEEHPL

 &G :==BMBHG MH MA> ;>EHP LNKO>RL

RHN PBEE @>M MA>    :G= MA> # "    


LNKO>RL
;R
=>?:NEM
:G=
<HFIE>M>ER
?K>>

1A>
:GGN:E
<HLM
H?
>:<A
BL
EBLM>=
BG
MA>
&G?HKF:MBHG
8



*>GN
9

0NKO>R  NL>L : #:<MHK G:ERLBL H? MA> -KBG<BI:E HFIHG>GML PBMA  O:KB:;E>L

PAB<A E>:=L MH MPH ?:<MHKL
:Q>L PAB<A :K> <:EE>= U->K<>BO>= F:M>KB:E JN:EBMRV R:QBL :G= U:LB< :>LMA>MB< =>LB@GV Q:QBL ":<A R>:K MA>
<HFI>MBG@ <HFI:GB>L ;K:G=L :K> IHLBMBHG>= HG : L<:E> ?KHF  1A>K> BL :ELH : LBG@E> IHBGM ?HK MA> :EK>:=R
>LM:;EBLA>=
<HFI:GB>L
" 

0NKO>R


NL>L
:
LBFIE>
L<:E>
H?

PBMA
CNLM
HG>
BM>F
MH
=>?BG>
MA>
=>LB@G
K:MBG@


 


'

%!#"
 "

1A> ?HEEHPBG@ <:FI:B@GL :EE =>L<KB;> M>E>OBLBHG :=L &G MA> <:L> H? HMA>K F>=B:
MA> >LL>GMB:E >E>F>GML H? MA>
F>LL:@>
PHNE=
;>
:=:IM>=
MH
MA:M
<HFFNGB<:MBHGL
F>=BNF

*58*206


!B??>K>GM LAHML H? : I>KLHG BG O:KBHNL EB?> LM:@>L

?KHF DBG=>K@:KM>G
MH
<AHHLBG@ : MKB<R<E>
ABL ?BKLM ;B<R<E>
ABL ?BKLM FHMHK<R<E>
ABL ?BKLM <:K
:EE H?
MA>F <AHL>G ;R ABL I:K>GML 1A> := >G=L PBMA :G :=NEM F:G :G= ABL <ABE=K>G
BGLB=>
MA>
<:K
=KBOBG@
H??
BGMH
MA>
=BLM:G<>

3HB<>
HO>K
+HP
MA:M
RHN
<:G
<AHHL>
?HK
RHNKL>E?

<AHHL>
MA>
;>LM

555

*58*206


1B@AM
LEHPFHMBHG LAHM H? : A:G= FHOBG@ PBMA MA> BG=>Q ?BG@>K LMK>M<A>= HNM &M K>:<A>L : ;NMMHG :G= MA> KNF;E>
H? :G >G@BG> BL A>:K= &G MA> G>QM LAHM
BG LEHP FHMBHG
: A:G= :II>:KL HO>K : MHN<A L<K>>G 0H?M FNLB< LM:KML
IE:RBG@
1A>
G>QM
LAHML

BG
LEHP
FHMBHG

LAHP
:
F:G
=KBOBG@

1B@AM
LAHM
H?
MA>
@KBEE>
H?
:
555
:G=
LNI>KBFIHL>=
M>QM
555

P>
=H
BM
LEHPER
LH
RHN
<:G
>GCHR
BM

*58*206



->HIE> P:EDBG@ =HPG : <BMR LMK>>M 1A> <:F>K: LAHPL MA>F MNKGBG@ MA>BK ?:<>L MHP:K= MA> KH:= 1A>R @KBF:<>
:G=
JNB<DER
MNKG
:P:R

#:=>
MH
;E:<D
,G
MA>
L<K>>G
:II>:KL
"GOR
BL
:G
:=FBLLBHG
H?
BG?>KBHKBMR

1A>
BF:@>
K>MNKGL
MH
MA>
<BMR
:G=
LAHPL
MA>
<:K
FHOBG@
LEHPER
=HPG
MA>
LMK>>M

-KH=N<M
LAHM
555

LNI>KBHKBMR

*58*206


!>L>KM BLE:G= PBMA : <:LM:P:R LBMMBG@ BG : ANM :EHG@LB=> MA> ;>:<A 0N==>GER
BG MA> =BLM:G<>
A> L>>L : ;HMME>
?EH:MBG@ MHP:K= MA> LAHK> 4A>G MA> ;HMME> ?BG:EER @>ML MH MA> LAHK> A> ?BG=L : E>MM>K  PHF:GXL OHB<> H?? L<K>>G
L:RL

 U!>:K !:G
& AHI> :EEXL P>EE 0HF> MABG@L BG FR EB?> A:O> <A:G@>=
LBG<> RHNK LABI =BL:II>:K>= &XF :MM:<ABG@ : IAHMH H? MA> 555 LH
RHN <:G L>> MA:M &XO> M:D>G @HH= <:K> H? BM NI MH GHP &? RHN <HF>
;:<D

PAB<A
AHI>?NEER
RHN
PBEEV

1A>
<:LM:P:R
M:D>L
HNM
MA>
IB<MNK>
H?
MA>
<:K

U MA> <:K PBEE ;> P:BMBG@ ?HK RHN BG MA> @:K:@> $HH= ;R> =>:K
>
A:IIRV

555

*58*206


 IHEB<>F:G LMHIL ABL <KNBL>K BG MA> LMK>>M ;><:NL> A> L>>L :GHMA>K <:K LMHII>= PBMA MA> AHH= NI :G= : PHF:G
K>:<ABG@
BGLB=>

1A> H??B<>K :IIKH:<A>L MA> ;KHD>G=HPG <:K :G= ;>?HK> @>MMBG@
MH
BM
:LDL

U!H
RHN
G>>=
A>EIV

1A> PHF:G =H>L GHM :GLP>K :G= D>>IL EHHDBG@ :M MA> >G@BG>
4ABE>
EHHDBG@
:M
MA>
>G@BG>
MA>
IHEB<>F:G
:LDL

U1ABL
BL
MA>
?BKLM
555
&XO>
L>>G
;K>:D
=HPG
4A:MXL
MA>
IKH;E>FV

1A> PHF:G IB<DL NI : DBMM>G BG A>K A:G=L :G= M:D>L BM HNM H? MA>
>G@BG>
<HFI:KMF>GM

U1ABL
BL
MA>
IKH;E>FV

555

:NMHFH;BE>L
:G=
L:?>MR

*58*206


 ;HR KNGL :EHG@ : K>LB=>GMB:E LMK>>M KBG@BG@ MA> ;NSS>KL MH :EE MA> AHF>L :L A> KNGL ;R ABE=K>G <HF> HNM H?
MA>
AHNL>L
:G=
CHBG
ABF
1A>
GNF;>K
H?
<ABE=K>G
BL
:KHNG=


1A>R
:EE
KNG
NGMBE
MA>R
<HF>
MH
:
@:K:@>
=HHK
1A>K>

MA>R
P:BM
LBE>GMER
?HK
MA>
=HHK
MH
HI>G

0N==>GER
MA>
=HHK
@H>L
NI
:G=
:G
555
O>AB<E>
<HF>L
HNM

1A>
=NF;?HNG=>=
<ABE=K>G
LM:K>
HI>GFHNMA>=

P:M<ABG@
:L
MA>
<:K
E>:O>L
MA>
@:K:@>

1A>R
:EE
LB@A
BG
NGBLHG
:L
MA>
<:K
=KBO>L
H??


*58*206


1B@AM LAHML H? AHKL>L ;>BG@ K>:=B>= MH INEE : <:KKB:@> 4ABGGB>L :G= LHNG=L H? ;>EML :G= F>M:EEB< IB><>L :K>
A>:K=

!HEER
LAHM
H?
L>O>K:E
E>@L
@BO>L
MA>
BFIK>LLBHG
H?
F:GR
AHKL>L
EBG>=
NI
BG
:
KHP

1A> <:F>K: LMHIL :M : <:K PA>>E :G= MA> GHBL> H? :G >G@BG> K>IE:<>L MA:M H? MA> AHKL>L 1A> PA>>E LM:KML
MNKGBG@
:M
?NEE
LI>>=

;NM
PBMAHNM
FHOBG@
?HKP:K=

1A>
<:F>K:
INEEL
:P:R
MH
LAHP
MA:M
MA>
AHKL>L
P>K>
NGLN<<>LL?NEER
MKRBG@
MH
INEE
MA>
<:K

1A>
=KBO>K
@>ML
HNM
H?
MA>
<:K

L:MBL?B>=
H?
ABL
:<AB>O>F>GM
:G=
M>EEL
MAHL>
PAH
P>K>
LINKKBG@
HG
MA>
AHKL>L

U&
MHE=
RHN

GHM
>O>G
PBMA
RHNK
ANG=K>=
AHKL>LV

3HB<>
HO>K
1A>
IHP>K
:G=
:;BEBMR
H?
555

*58*206


1AK>> <:KL :II>:K HG : IH=BNF

EBD> MA> ?BKLM MAK>> ?BGBLA>KL H? : K:<> 1A>
<KHP= BL LAHPG KNGGBG@ MHP:K= MA> IH=BNF
;NM MA>R KNG I:LM BM
MH PA>K> MA>
555 <:K BL I:KD>= 1A>R LNKKHNG= MA> <:K :G= MA> OHB<> HO>K L:RL
U1A> ?BKLM
:K>
GHM
:EP:RL
MA>
;>LM
M
555
P>
:K>GXM
MA>
?BKLM
HK
MA>
;B@@>LM

CNLM
MA>
;>LMV

*58*206


1A> ;K:G= BL LAHPG BG F:GR =B??>K>GM P:RL I:BGM>= ;R !:EB

G=R 4:KAHE
BG @HMAB< E>MM>KL
BG @K:??BMB
=K:PG ;R
!:3BG<B
/>I>MBMBO>
=KNF
FNLB<

0AHM
H?
:G
>G@BG>
:G=
MA>
OHB<>
HO>K
L:RL
&MXL
MA>
;K:G=
MA:M
F:MM>KL
555

*58*206


 <HFI:GR >Q><NMBO> BL LBMMBG@ HG MA> ?EHHK NG=>K ABL H??B<> =>LD IE:RBG@ EBD> : EBMME> DB= PBMA : MHR <:K %> BL
F:DBG@
MA>
NLN:E
>G@BG>
LHNG=L
:G=
>GCHRBG@
ABFL>E?

/>E>:L>
MA>
DB=
BGLB=>
555


*58*206


&GLB=> MA> <H<DIBM H? : LI:<>LABI 1A>K> :K> MAK>> :LMKHG:NML ,G> BL M:EDBG@
K:=BH LHNG=L :K> A>:K= BG MA>
;:<D@KHNG=

UIKH<>>=BG@
MH
=H<D
PBMA
MA>
:NQBEB:KR
FH=NE>V

GHMA>K
HG>

LBMMBG@
BG
MA>
;:<D

L:RL

U*R
$H=

PA:MXL
MA:MV

1A> HMA>K MPH :LMKHG:NML MNKG :KHNG= :G= EHHD HNM MA> PBG=HP PA>K> MA>BK <HFK:=> A:L ?HNG= LHF>MABG@
>QMK:HK=BG:KR

0HF>

F>M>KL
:P:R

BG
MA>
O:<NNF
H?
LI:<>

:
<:K
BL
HO>KM:DBG@
MA>
LI:<>LABI

3HB<>
HO>K
555

M><AGHEH@R
:M
MA>
L>KOB<>
H?
IKH@K>LL

*58*206
 

 <:F>K: EH<:M>= BGLB=> : K:<><:K SHHFL BG HG MA> =KBO>K 1A>

LHNG= H? MA> >G@BG> HG MA> MK:<D BL A>:K= 1A> OHENF> LM:KML MH
=><K>:L>
:G=
MA>
=KBO>KXL
OHB<>
BL
A>:K=

U1A> FHLM BFIHKM:GM MABG@ PA>G @HBG@  FBE>L :G AHNK BL

DGHPBG@ RHNK <:K BLGXM @HBG@ MH =H :GRMABG@ LMK:G@> 6HN G>>=
IK><BLBHG

L:?>MR

K>EB:;BEBMRV

#:=> MH MA> L:F> LAHM H? MA> =KBO>K

GHP PBMAHNM : A>EF>M

=KBOBG@ K>E:Q>= >KB:E LAHM H? MA> <:K HG MA> KH:= 1A> =KBO>KXL
OHB<>
BL
A>:K=
HG<>
:@:BG

U!>I>G=:;E>

1A:M
LNFL
NI
>O>KR
=KBO>KXL
>QI><M:MBHGLV

1A>
555
EH@H
?:=>L
BG

*58*206



1B@AM
LAHM
H?
MPH
PHF>GXL
?:<>L
:G=
PA:M
L>>FL
MH
;>
:
IKBO:M>
<HGO>KL:MBHG
,G>
L:RL
MH
MA>
HMA>K

U&M P:L BG<K>=B;E> &MXL >E>@:GM

LMKHG@
CNLM MA> KB@AM LBS> &MXL GHM :M :EE PA:M & P:L >QI><MBG@ &X= EBD> MH =H BM
:@:BGV

1A> LAHM I:GL ;:<D :G= P> L>> MA:M MA> <HGO>KL:MBHG BL ;>MP>>G : L:E>LPHF:G :G= : <EB>GM :M : =>:E>K HMA
:K>
E>:GBG@
HG
MA>
<:K
:?M>K
:
M>LM
=KBO>

3HB<>
HO>K
U!H
RHN
P:GM
MH
MKR
BM
MHH
555

HGER
?HK
MAHL>
PAH
EHO>
M><AGHEH@RV


*58*206



M><AGB<:E
=>O>EHIF>GM
<>GM>K
PBMA
:KMBLML

<HFINM>KL

>G@BG>>KL
:K
:G=
>G@BG>
I:KML
:K>
;>BG@
:G:ERS>=

G >Q><NMBO> BL P:EDBG@ :FHG@ MABL =BLIE:R H? M><AGHEH@R PABE>

M:EDBG@
MH
MA>
<:F>K:

U%>K> :M 555
P>XK> BFIKHOBG@ HG >O>KRMABG@ MA>K> BL MH DGHP
:;HNM <:K F:GN?:<MNKBG@ 4>XK> :G:ERSBG@ :G= =>O>EHIBG@ >O>KR
IHLLB;E>
BGGHO:MBHGV

0AHML
H?
M>LML
BG
:
F><A:GB<:E
E:;

&G : OHB<> HO>K

MA> >Q><NMBO> <HGMBGN>L M:EDBG@ U,NK IKH<>LL ?HK
L>E><MBG@ MA> F:M>KB:EL :G= <HFIHG>GML P> NL> >Q<>>=L
:GRMABG@
NL>=
NI
MH
GHP
;R
:GR
F:GN?:<MNK>KV

4>
L>>
MA>
>Q><NMBO>
E>:OBG@
MA>
<HFI:GRXL
?:<BEBMB>L
%>
BL
M:EDBG@
MH
MA>
<:F>K:

U"O>KR;H=R
PAH
PHKDL
:M
555
=H>L
LH
?HK
MPH
K>:LHGL
?HK
RHN

:G=V


<:K
LMHIL
BG
?KHGM
H?
ABF
&GLB=>
:K>
MA>
>Q><NMBO>XL
PB?>
:G=
<ABE=K>G

U?HK
RHNK
?:FBEB>LV

555
&GGHO:MBHG
:G=
L:?>MR

*58*206



RHNG@
F:G
BL
P:EDBG@
=HPG
MA>
LMK>>M
:G=
L>>L
:GHMA>K
RHNG@
F:G
PBMA
:
LMNGGBG@
PHF:G

0N==>GER MA> LDR <EHN=L HO>K :G= BM LM:KML MH IHNK K>LM?:EE>G

MA> F:G L>:ML HG : I:KD ;>G<A :G=
EHHDBG@ MH
MA>
LDR

:LDL

U4A:M
=H>L
A>
A:O>
MA:M
&
=HGXMV

1A>
<EHN=L
I:KM
:G=
?KHF
MA>
<E>:KBG@
?:EEL
:
G>P
555

#:=>
MH
;E:<D
,G
MA>
L<K>>G
:II>:KL
555

I>K?><MBHG

*58*206
 

G H??B<> >:KER BG MA> FHKGBG@

:;NSS PBMA :<MBOBMR  ?>F:E>
>Q><NMBO> I:LL>L MAKHN@A BM :G= ;>?HK> K>:<ABG@ A>K H??B<> M>EEL
A>K
L><K>M:KR

U):NK:

MA>
G>PLI:I>K

IE>:L>V

0A> BL L>:MBG@ :M A>K =>LD :G= :L A>K L><K>M:KR =KHIL H?? MA>
I:I>K
LA>
L:RL


U&L
MA>K>
LHF>MABG@
RHN
P:GM
MH
DGHP
:;HNM
MA>
LMH<D
F:KD>MV

U+H

GHM
:;HNM
MA>
F:KD>M
&
P:GM
MH
L>>
B?
MA>R
IN;EBLA>=
MA>
<E:LLB?B>=
:=
?HK
FR
<:KV

0AHM
H?
MA>
:=
PAB<A
LAHPL
:
IB<MNK>
H?
MA>
555
:G=
MA>
M>QM
W0:O>
FR
F:KKB:@>
NR
FR
555X

*58*206



=>L>KM
KH:=

HG>
INFI
@:L
LM:MBHG
PA>K>
>O>KRMABG@
BL
HE=
:G=
;KHD>G
=HPG

G
HE=
IB<D
NI
MKN<D
INEEL
NI

=BLA>O>E>=

KHN@AEHHDBG@
F:G
LM>IL
HNM

M:EDBG@
BG
:
EHN=
OHB<>

U1BF

1BF

&
A:O>
MA:M
F:@:SBG>
&
MHE=
RHN
:;HNMV

%>
@H>L
BG
:G
H??B<>
PA>K>
P>
L>>
:
L>KBHNLEHHDBG@
1BF
%>
LAHPL
ABF
MA>
F:@:SBG>

U1ABL
BL
MA>
<:K
%:O>
RHN
>O>K
L>>G
BM
:KHNG=
A>K>V

1BF
:GLP>KL
PBMA
:
LHF;>K
MHG>

U6>L
1A:MXL
MA>
<:K
FR
PB?>
E>?M
BG
R>LM>K=:RV


555
<:K
:G=
MA>
IAK:L>
&M
:KHNL>L
I:LLBHGL

*58*206


!B??>K>GM LAHML H? 555 <:KL BG FHMBHG PBMA BFIHKM:GM FHGNF>GML ?KHF <BMB>L
:KHNG=
MA>
PHKE=
BG
MA>
;:<D@KHNG=
E:LLB<:E
;:KHJN>
FNLB<

3HB<>
HO>K
1A>
MAKBEE
EB>L
BG
MA>
OHR:@>
555

CHNKG>R
BGMH
MA>
?NMNK>

*58*206


,G MA> 13 LAHP      

MA> ?BG:EBLM BL IHG=>KBG@ MA> E:LM :G= =>?BGBMBO> JN>LMBHG PAB<A
PBEE
F:D>
ABF
KB<A
1A>
AHLM
:LDL
ABF

U4A:M
BGO>GMBHG
LB@G:E>=
MA>
LM:KM
H?
MA>
&G=NLMKB:E
/>OHENMBHGV

1A>
<HGM>LM:GM
:GLP>KL

U555
<:KLV

,O>K
MA>
:F:S>F>GM
H?
MA>
:N=B>G<>

:
OHB<>
HO>K
L:RL


U4AH
L:B=
LF:KML
:G=
=:KBG@
:K>
FNMN:EER
>Q<ENLBO>
555
1A>
=>?BGBMBO>
K>OHENMBHGV

*58*206


0>O>K:E L:E>LF>G :II>:K HG L<K>>G

>:<A HG> F:DBG@ NGEBD>ER
<E:BFL 666 ;K:G= <:G K>:<A MA> *HHG BG HGER MAK>> =:RL
IENL
RHNK ?BKLM MKBIXL HQR@>G BL ?K>> 777 ;K:G=
;NR : 777 :G= MBF>
MK:O>E PBEE ;><HF> : K>:EBMR %%% ;K:G=
RHNXEE ;> :;E> MH @H MH
MA>
+HKMA
-HE>
:G=
A:O>
:G
B<>
<K>:F
PBMA
RHNK
"LDBFH
?KB>G=

0AHM H? : 555 <:K >GM>KBG@ : K>LB=>GMB:E G>B@A;HKAHH=  PHF:G

>QBML
MA>
<:K

<EHL>L
MA>
=HHK
:G=
@H>L
BG
A>K
AHNL>

555

MH
?NE?BEE
RHNK
K>:E
G>>=L

E
:*@2;
#
7:8
@8.:<;
26
;25=4*<276
44
:201<;
:.;.:>.-

#
"25=4*<276;
2;
*
:.02;<.:.-
<:*-.5*:3
7/
:*@2;
#
7:8


-E>:L>
L>G=
LN@@>LMBHGL
HK
<HKK><MBHGL
MH

M><ALNIIHKMIK:QBLFFM<HF

-/5&0
**1
HKIHK:MBHG


HK:E
4:R
T
0NBM>


HK:E
$:;E>L

#)


PPPIK:QBLFFM<HF